Suffolk Building Society, formerly known as Ipswich Building Society, is an independent, mutual building society founded in 1849. It rebranded and changed its name to Suffolk Building Society in November 2021 to better reflect the community it serves. As a mutual, it is owned by its members (savers and borrowers) and is not responsible to shareholders.
The society is widely known in the mortgage industry for its manual, common-sense approach to underwriting, making it a key lender for borrowers with specialist or complex needs that don't fit the automated criteria of high-street banks.
You can use our free rate comparison tool to view the current rates at Suffolk Building Society and compare them with other lender rates below. Then simply click ‘enquire now’ on your chosen deal to discuss its suitability for your needs with an experienced mortgage adviser.
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About Suffolk Building Society
Since rebranding from Ipswich Building Society in 2021, they continue to operate a network of nine branches across Suffolk.
Suffolk Building Societies core lending philosophy is based on manual assessment of applications by a human underwriter. This allows them to build a complete picture of an applicant's circumstances, making them suitable for many borrowers with complex cases.
Mortgage Products
Suffolk Building Society offers a wide range of mortgage products, with a strong focus on specialist niches. Their products are available for properties across England and Wales.
Their range includes:
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Standard Mortgages: For first-time buyers (up to 95% LTV) and home movers
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Later Life Lending: Mortgages for older borrowers, including those already in retirement. They have no maximum age limit on capital and interest or interest-only mortgages, subject to affordability
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Self-Build & Renovation: Specialist mortgages for customers looking to build a new home or significantly renovate an existing one
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Buy-to-Let: Products for landlords, including holiday lets
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Expat Mortgages: A dedicated range for UK nationals living and working abroad who wish to purchase or remortgage a residential or buy-to-let property in the UK
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Family-Assist Mortgages: Including Joint Borrower Sole Proprietor (JBSP) products
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Self-Employed Mortgages: Their manual underwriting is ideal for applicants with complex income, such as company directors, contractors, or those with only one or two years of accounts
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Pros and Cons of a Suffolk Building Society Mortgage
Here's a balanced look at the advantages and disadvantages of choosing Suffolk Building Society.
Pros:
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Manual Underwriting: They assess every case individually, making them a viable option for many borrowers with complex or non-standard circumstances
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Specialist Leader: They offer niche lending in areas many larger lenders avoid.
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No Upper Age Limit: Their flexible criteria for later-life lending with no maximum age is a good option for retirees
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Excellent Customer Service: The society receives outstanding reviews (4.8+ out of 5 on Smart Money People) for its personal, professional, and "human" service
Cons:
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Limited Branch Network: Their physical branches are all located within Suffolk
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Rates may be higher: As a specialist lender, their mortgage rates may not always be as low as the "headline" deals offered by high street lenders.
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Intermediary focused: While you can apply directly, the society receives a large amount of its business from mortgage brokers who are familiar with its specialist criteria
Customer Service and Reviews
Suffolk Building Society is consistently praised for its customer service. Independent reviews on Smart Money People show an average mortgage rating of over 4.8 out of 5.
Customers frequently use words like "helpful," "professional," "honest," and "knowledgeable." A common theme is that they provide a "personal experience" and treat customers “with respect”.
How to Apply for a Mortgage with Suffolk
You have two main options for applying for a mortgage with Suffolk Building Society:
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Directly: You can apply directly to the society by phone, in one of their branches (if you are local), or by making an enquiry through their website.
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Through a Mortgage Broker (recommended): This is a very common route for this lender. A broker can quickly determine if your circumstances fit Suffolk's specialist criteria and will know how to package your application for their manual underwriters.
At Money Helpdesk we can act as your intermediary with Suffolk Building Society, or any other lender you may wish to apply with across the entire market. Get started today to speak with one of our knowledgeable brokers.