Here are the latest updates from the Suffolk Building Society. These products are available via our direct to lender mortgage club which offers you payment on completion as well as specialist mortgage support and more. Click here for a full list of Ipswich products.
Withdrawal of 95% LTV and No-ERC Products
Product Withdrawals on 24 April 2024
Advance notice, as ever, of a few product withdrawals. Removing the 95% LTV products from our range is temporary – they’ll be back!
If we can help with a complicated case, just shout. We like complicated!
These products will be withdrawn:
- 80% Resi No-ERC 2 Year Discount
- 95% Resi 2 Year Fixed
- 95% Resi 5 Year Fixed
DIP deadline – Friday 26 April 2024 No application deadline
Launch of Suffolk Online, our new mortgage origination system
From 29th April, all standard residential cases (including later life) will be able to be submitted on Suffolk Online. These cases will benefit from an improved journey that includes electronic ID verification, e-signatures and emailed offers.
This is a soft launch, and we will not be promoting it externally by the way of PR and proactive emails and I would appreciate it if you didn’t promote it to your brokers – this email is for your information and to support your help desks and proc fee payment teams.
So, what does that mean for you and your brokers?
- Brokers will need to register to use the new system. The link for this is clearly signposted on the website through our ‘Submit Business’ page and is really easy to do. They only need to register when they’re ready to submit a case.
- We have set up all the clubs and networks into the system so they should be able to find you easily. Appointed Representatives can select their Principal at Registration. Clubs are selected when a broker inputs a case.
- Proc fees for Suffolk Online are paid directly to the mortgage club. If no mortgage club is selected then they will be paid to the network or, if a Directly Authorised broker, to the broker in lieu of a Mortgage Club.
- The proc fees are 0.4% if a broker goes through a club or a network. If a DA submits without selecting a club then they will be paid 0.35%. These may be different to your current proc fee and relate to Suffolk Online cases only. Any cases submitted through the current system, Ipswich Online, will continue to be paid as currently.
- Proc fees for each system will be paid in two separate payments – we will provide two separate statements so you can clearly see which is which.
Our other lending areas – BTL and holiday let (both UK and expat), expat, lending to applicants paid in a foreign currency, self-build, and shared ownership – will continue to be submitted on Ipswich Online. We’ll work to migrate these over in the coming months.