Suffolk Building Society has broadened its criteria in relation to the property features it will lend against.
Suffolk Building Society will now lend on new-build flats across England and Wales. This was previously limited to Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire and London.
It said this was in light of the government’s housebuilding targets for the next five years, and would give borrowers more flexibility with location.
The mutual has also increased the maximum storeys for flats it will lend against from seven to 10. It said purchasing a flat was a good option for many first-time buyers so it decided to relax its criteria.
Suffolk Building Society will also accept mortgage applications for separate annexes with different council tax to reflect changing living requirements and habits.
Additionally, the mutual has updated its self-build criteria to lend on land with up to 10 plots, a change from its previous policy where just single plots were accepted.
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Properties adjacent to a current home will also be considered, with the title to be split upon completion. Suffolk Building Society will allow outline planning permission on application but full planning and building regulation approval will still be required before completion.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “Whatever the location, size of property or a family’s circumstances, these criteria enhancements will offer brokers a greater degree of flexibility for their clients.”
Last week, the mutual announced it would now accept multi-currency applications.
