Buckinghamshire Building Society has lowered rates on its self-build range by up to 0.25% and increased its self-build maximum loan to £1m.
The self-build products are available via BuildLoan.
The rate changes are as follows:
- Self-Build Advance 2-Year Discount was 6.59% now 6.49%
- Self-Build Arrears 2-Year Discount was 6.49% now 6.35%
- Self-Build Advance No ERC 2-Year Discount was 6.79% now 6.54%
The maximum loan size of £1m has been increased from £500,000 and available on properties located across England and Wales. Capital raising is acceptable and ERCs, plus other fees, may be applicable.
Each case will be assessed on an individual basis and manually underwritten.
Chris Martin, head of products at BuildLoan, said: “Affordability continues to be challenging for anyone looking to borrow to build their dream home. As well as lower rates to reduce monthly costs, these new BuildLoan-exclusive products from Buckinghamshire include our complete package of Consumer Duty solutions which mitigate the risks of poor outcomes and foreseeable harm by ensuring the project has been properly budgeted and the clients will get the money they need at the right time to complete their build successfully.”.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, added: “With the increased focus by the new Government on building new homes, we anticipate steady growth in the self-build sector. By reducing rates, plus also doubling our maximum loan size, we hope that this enables more borrowers to achieve their home building dreams.
“We are also committed to increasing awareness of self-build in general to brokers and so are delighted to be holding a webinar with a few other societies on 14th August.”
