Suffolk Building Society has today announced a rate reduction on a number of discount products across a range of mortgage types, including its 2 year discount self build and renovation large loan mortgage, to recognise the growing appetite for self build projects.
Previously priced at 4.49%, the 2 year discount large loan product is available for purchase and remortgage, and is now repriced to 4.19% (SVR of 5.54% minus a discount of 1.35%) for 24 months from completion date.
It is available at 70% LTV with a minimum loan of £1m, a maximum loan of £2m, an application fee of £199 and a completion fee of 0.25% of the loan.
The large loan product originally launched on 22 February 2022 to sit alongside the existing self build and renovation deals, which remain available up to a maximum loan size of £1m.
Suffolk Building Society recently announced its latest financial results which saw self build completions up by 53% and a 120% increase in self build advances for the year ending 2021. As an important area for the Society, the lender was keen to respond to demand and provide more competitively-priced options to intermediaries and their self build clients.
