New 3.99% self-build deal from the Saffron

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The Saffron Building Society has launched a new lower rate, self-build mortgage at 3.99%.

The mortgage includes the following features:

  • Every application is manually assessed by a specialist self-build underwriter
  • Flexible stage payments; funds are released in stages that can be tailored to each individual project
  • Available to first time buyers
  • Up to five times income considered on applications, assessed on a case by case basis
  • Custom-build developments are also accepted

Details of the mortgage are as follows:

  • Rate: 3.99% (SVR -1.65%) to 75% LTV
  • Arrangement fee: 1%
  • Early Repayment Charge (ERC): None
  • Loan: Min loan £30k, Max loan £1m
  • Term: 24 months
  • Repayment: Interest only
  • Purpose: For purchase or remortgaging
  • Maximum Age: No maximum

Anita Arch, The Saffron Building Society’s head of mortgage sales, said: “The popularity of self-builds is noticeably growing with more and more support available to turn ideas into reality. Self-build projects don’t need to be construction from scratch. They can be renovations to an existing property, or conversions to a barn, basement, loft or garage. In essence, any large extension could be classified as a self-build construction.

“Saffron has years of experience providing finance for people looking to build their own ‘dream homes’ – we believe this new lower rate mortgage opens up possibilities to even more self-builders.”

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