Suffolk Building Society has launched a new expat self-build proposition while also strengthening its wider expat and foreign national mortgage criteria.
The mutual has combined its experience in expat lending and self-build finance to support borrowers living overseas who want to build their own home in the UK.
Applications will be considered subject to standard self-build criteria and the appointment of a UK-based project manager to oversee the construction.
The new Expat Self Build & Renovation product is available on a two-year discount rate at 6.05% (SVR minus 1.69%), up to £1m and up to 80% LTV, for a 24-month period.
Alongside the new launch, Suffolk Building Society has increased the maximum LTV available to foreign nationals living in the UK to 90%, up from 80%, broadening access to higher loan-to-value borrowing.
The Society has also made a number of further enhancements across its expat range. These include accepting self-employed expats for buy-to-let and holiday let applications, allowing up to four applicants and four incomes on all expat cases, and accepting gifted deposits on expat mortgages.
In addition, Irish passport holders will now be accepted on expat applications 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.
Grimshaw concluded: “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.”
