Suffolk Building Society has entered the large loan market with the launch of two 2-year fixed-rate mortgages designed for loans between £1m and £2m.
The products cater to standard residential large loans and expat residential large loans, both available up to 80% loan-to-value (LTV).
The standard residential large loan product offers a rate of 5.19%, fixed until 30th April 2026, then reverting to the standard variable rate (SVR) minus 1.74% until 31st July 2029, with a 3% floor.
The expat residential large loan product, aimed at UK nationals living abroad and those paid in sterling or major global currencies like the euro, is available at 6.09%, with the same fixed period and SVR terms.
Both products are applicable for purchase and remortgage, based on a capital and interest repayment method. They include an application fee of £199 and a completion fee of 0.10% of the loan amount.
Andrew Sadler, key account manager at Suffolk Building Society, commented on the new offerings: “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.”
