Suffolk Building Society has announced a change to its lending criteria which will allow mortgage applications on residential properties with agricultural ties or restrictions.
The national mortgage lender has said that, although its consumers are spread across the entirety of England and Wales, its roots are in Suffolk, the county it calls “home” and where there is an “established agricultural community”.
Therefore, Suffolk Building Society said it understands the nature of properties with agricultural ties and the difficulties farmers and others in farming areas may have in buying and selling them.
Instead of launching a separate mortgage specifically aimed at potential buyers of properties with residential ties, the building society made its existing product range available to anyone considering buying this type of home.
Properties will be accepted up to a 50% loan to value (LTV) subject to the valuers comments on the property’s mortgageability, future saleability and the applicant complying with the terms of the restrictions. Applicants will need to apply via a mortgage broker.
Head of mortgages at Suffolk Building Society, Charlotte Grimshaw, said: “We’re pleased to be open for business for properties with agricultural restrictions.
“This type of mortgage lending is relatively niche but we really hope to help farmers and others living in agricultural areas by being able to lend on these ‘tied’ properties.
“We’ve always been an organisation that looks to help people in areas where other lenders turn a blind eye.”
Grimshaw said that, while the Suffolk Building Society may be less known to the agricultural community, the approach of lending to people in niche markets like the self-employed, old borrowers or for self-build is one that it is “well known and respected for”.
“We’re able to do this because all of our mortgage applications are reviewed by real people and not computer algorithms which means we can evaluate each case on its own merit.”
