The Suffolk Building Society recently announced that it is increasing its lending criteria for UK and expatriate buy-to-let investors. This change in policy is part of the society’s efforts to ensure that it is providing a safe and secure environment for its customers.
The new lending criteria will require investors to have a minimum deposit of 25% of the purchase price, up from the previous 15%. This change is designed to reduce the risk of default on loans, as well as to provide more security for lenders. Additionally, the society has also increased the minimum income requirement for applicants, to ensure that they are able to make their monthly payments.
The new lending criteria also applies to expatriate investors, who are now required to have a minimum deposit of 40% of the purchase price. This is to ensure that expatriate investors are able to meet their obligations and to reduce the risk of default.
The Suffolk Building Society has also announced that it will be introducing a new service for expatriate investors, which will provide them with access to specialist advice and support. This service will help expatriate investors to understand the UK property market and ensure that they make informed decisions when investing in buy-to-let properties.
The Suffolk Building Society’s decision to increase its lending criteria is a positive step towards providing a secure environment for its customers. By increasing the minimum deposit requirements and introducing a new service for expatriate investors, the society is ensuring that it is providing a safe and secure environment for its customers. This change in policy will help to reduce the risk of default on loans and provide more security for lenders.