Suffolk Building Society has announced a rate reduction on several of its discount products across a range of mortgage types.

This includes the society’s two-year discount self-build and renovation large loan mortgage, to recognise a growth in appetite for self-build projects.

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.

Previously priced at 4.49%, the two-year discount large loan product is available for purchase and remortgage, and is now repriced to 4.19% for 24 months from the completion date, Suffolk confirmed. 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 society’s existing self-build and renovation deals, which remain available up to a maximum loan size of £1m.

Head of mortgage intermediaries, Charlotte Grimshaw, commented: “During lockdown, more people gave serious thought to what they wanted from their living spaces, especially given the prevalence of remote working, prompting many to plan their dream home and begin exploring self build options. 
 
“Increased demand for housing, and fast moving housing stock has also made it difficult for some people to find a property that meets their needs through traditional methods, so they’re also looking into self-build options.”

She added: “Building your own property also means you can prioritise energy efficiency as standard, of increasing importance as people face mounting utility bills combined with a desire to reduce their carbon footprint.
 
“We hope the newly discounted large loan will be useful for brokers who have growing numbers of self build clients, who are becoming increasingly ambitious with their builds.”

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