BuildLoan & Bucks BS launch £1m self-build mortgage

Published on

BuildLoan has introduced three self and custom build mortgage products with Buckinghamshire Building Society, with one paying up to £1 million.

All of the products in the range provide funds to the client in stages as construction of their property progresses and are designed to remove lack of cashflow, the main risk to self-builders.

The amount released is based on the cost of each build stage and removes the risk of stage releases being limited by a lender’s valuation. The products are for loans of up to 85% of the client’s build costs.

This new range includes an advance stage payment product which provides funds at the beginning of each stage of work.

The other two products provide funds on completion of each build stage including one for high value builds offering loans up to £1 million.

To keep costs down during the build, the products are interest-only for the initial two-year build period then convert to repayment.

Chris Martin, head of product development and underwriting at BuildLoan, said: “These new products in partnership with Buckinghamshire provide our clients with some great options. We are seeing more demand for higher value loans so the ability to lend up to £1 million is a great solution and will hopefully be well received by brokers.”

Claire Askham, key account manager (North & Midlands) at the Buckinghamshire Building Society, added: “We are thrilled that we are able to bring back self-build mortgages as part of our lending proposition. This new range will appeal to a variety of self-builders, particularly those with lower up-front funding as we will lend up to 85% of the build cost.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...