Suffolk Building Society has announced that it has grown its mortgage book by 8% in a year, from £568m to £615m. The society said this growth, in the year to 30 November 2021, was “significantly ahead of plan”, and a result of pent-up demand following the pandemic, a desire for space for hybrid working, the stamp duty holiday, and record low interest rates. As part of its financial results, Suffolk also reported a total profit before tax of £2.9m, up from £1.9m the year previously. The society processed 1,159 applications in that time resulting in 818 completions for the year, with an average loan size of £214,000.

Luxury asset lender, Suros Capital, has signed a new partnership agreement with specialist finance brokerage, Grand Union Financial. Suros Capital indicated that the move will be among a number of new relationships planned to go live in 2022. The lender intends to develop new distribution partnerships with brokers and packagers to help increase the visibility of its proposition in the wider intermediary market. Business development director at Suros Capital, Charles Hodge, said that Grand Union Financial has a “keen interest” in growing its luxury asset lending business and would be a “proactive partner” for the firm.

VAS Audit has launched a new review service, Valuation Desktop+, for lenders who require the speed and flexibility of an automated valuation model (AVM) delivered by one of the company’s in-house valuation professionals. Valuation Desktop+ has been designed to work with standard mortgageable residential property below £2m in London and £1m in the rest of the UK, as well as semi-commercial and commercial properties. VAS Audit suggested the service takes all aspects expected of an AVM and “augments them significantly”, including explanations to all key factors as well as recommendations.

Norton Home Loans has launched a new second charge mortgage product with a maximum LTV of 80%. The product is available for a maximum loan size of £100,000 and for a range of repayment periods, with options available for variable rates, and three and five-year fixed rates. Norton’s commercial manager, David Binney, said that a growing number of customers and brokers are realising that second charge mortgages can prove a “cost-effective way of raising finance for a range of purposes”, from debt consolidation to home improvements.

The Right Mortgage and Protection Network has announced the launch of its Vulnerability Hub. The hub has been designed to address the difficulties that vulnerable consumers have when interacting with financial services. The tools on offer for members of the network include training for principals and their advisers in identifying and supporting vulnerable customers, as well as new resources in the form of guides, webinars, FCA guidance, video introductions and support facilities. The network said these tools will enable its members to have a “new central location” to access the content and signposting.

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