Suffolk Building Society has launched an expat self-build proposition, combining two of its core lending areas to serve expat borrowers looking to build their own home, subject to the usual self-build criteria and the appointment of a UK-based project manager to oversee the build.
The new 'expat self build & renovation' product launches with a two-year discount at 6.05% (SVR minus 1.69%) at 80% LTV, with loans available up to £1m.
The Society is also enhancing its proposition for foreign nationals based in the UK, with an increase in its maximum LTV from 80% to 90%.
Suffolk has also announced a raft of further improvements to its expat proposition.
The Society will now accept self-employed expats for buy-to-let and holiday let applications and will accept up to four applicants, four incomes on all expat applications (residential, buy-to-let, holiday let and JBSP).
Gifted deposit contributions will now be accepted on expat applications and Irish passport holders will be accepted when residing outside the UK or Ireland.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “Building a home in the UK while living overseas may be unusual, but it’s something brokers are increasingly asking us about. With a professional project manager in place, we believe an expat-funded self-build can be just as successful as a self build carried out by UK-based borrowers.
“We’re becoming the go-to expat lender for many brokers, so we’re pleased to widen our criteria to other types of expat mortgages. The additional enhancements will further strengthen our expat offering and allow us to say yes to more cases, supporting brokers and their customers.
“We’ve been improving our expat lending credentials over the past few years, and this is a great set of new enhancements. People living abroad have very different circumstances and needs, therefore our products and criteria must genuinely reflect the diversity of these borrowers.”
