Suffolk BS announces raft of mortgage criteria changes

Suffolk Building Society is updating its mortgage criteria through income improvements and by broadening the scope of family members who can gift deposits.

The Society will now accept four applicants and four incomes on all UK and expat applications (except self build) and will accept 75% of bonuses and commission, as long as the applicant has a reasonable track record.

The Society has improved its criteria for contractors, with a reduced amount of contracting experience required (12 months down from two years) and fewer months remaining on the current contract (three months, down from 12 months). 

Aunts and uncles can now gift deposits in addition to immediate family members, step-parents, and grandparents. 

Applicants can now use background investments to support affordability. The Society will accept 75% of the value of a professionally managed fund over the term of the mortgage, or 10 years (whichever is higher). 

The Society will allow applicants to capital raise to place funds in a trust (maximum 70% LTV) and is improving foster care criteria by treating foster carer income as a form of self-employed income. 

Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re listening to feedback and we’re keeping pace with complex scenarios. We know that some people have varied assets and income, and that families want to support their loved ones. Our changes will benefit borrowers directly, but we also want to help those who are providing the backing too.”