Suffolk Building Society enters large loan market

Suffolk Building Society has moved into the large loan market with the introduction of two two-year fixed rate mortgages for loans between £1m and £2m.

The standard residential large loan product and the expat residential large loan product are both available up to 80% LTV.

The new residential large loan product is available at 5.19% and the expat residential large loan product is available at 6.09%, available to those working abroad who are paid in sterling and a range of major global currencies, including the euro.

Both products are available for purchase and remortgage on a capital and interest basis, and revert to the Society's SVR minus 1.74% at the end of the term until 31 July 2029 (with a 3% floor).

An application fee of £199 applies to both products alongside a completion fee of 0.10% of the loan amount.

Overpayments of up to 50% of the original balance can be paid ERC-free on all of the Society's products.

Andrew Sadler, key account manager at Suffolk Building Society, said: “We have responded to the growth in house prices, as well as demand from our intermediary and direct clients. We are pleased to now offer these larger loans, allowing higher value property purchases. We have experience of large loans in the self build market, and we can now extend this to standard residential borrowers and UK nationals living abroad.

“We have long supported our expat clients and brokers specialising in the expat market. I’m delighted to be able to add another product into this niche area, providing expats with the opportunity to borrow up to £2m.”