The lender is also increasing the max LTV for new-build flats from 75% to 90%. 

In addition, the lender is removing its requirement for later life borrowers to demonstrate a minimum annual income of £20,000.

Suffolk says updates like these, combined with its manual underwriting process, will be helpful to brokers dealing with expat, new-build, later life and intergenerational lending cases.

The lender has made numerous criteria updates this year to support borrowers with more complex circumstances.

Suffolk head of intermediaries Charlotte Grimshaw says: “Having recently enhanced our loan-to-income ratios for applicants with rental history, it’s great to offer new build flats and JBSP for those with smaller deposits.  

“JBSP is already proving very popular with our brokers. As well as boosting affordability, there are tax planning advantages when it comes to liability for second home stamp duty surcharge, and first-time buyers retaining their stamp duty discount. 

“We hope first-time buyers, people starting over, and some downsizers, will also welcome the ability to borrow up to 90% on new build flats. 

“Apartment living can help to address the UK’s housing needs, particularly for those purchasing in urban areas.”