Vernon Building Society has reduced rates across its entire self-build mortgage range by 0.15%.
The building society said the reductions reflect its commitment to supporting customers with flexible, practical funding solutions throughout the build journey.
The Vernon’s self-build mortgage range is designed to support a wide range of projects, including modern and non-standard construction, conversions, renovations and rebuilds.
The products offer stage-release funding of up to 85% per stage, with interest-only payments during the build, helping customers manage costs while work progresses.
The society also allows a portion of a borrower’s savings to be ring-fenced and included in affordability assessments, without needing to be spent upfront, which can help improve borrowing power on more complex projects.
The society said applications are supported by flexible and personal underwriting, with the Vernon’s intermediary sales team on hand to help brokers and their clients through the process.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “Self-build projects are often highly individual and can be complex, so we’ve designed our lending to be as flexible and practical as possible.
“By reducing pricing across the range, we’re improving competitiveness while continuing to support customers with a personal, specialist approach that helps them bring their homebuilding plans to life.”
Self-build rates
The current range with reduced rates, includes its BuildLoan 1.85% lifetime discount at 5.75%, up to 80% LTV, with a fee of £1,999 and a 2% ERC for one year, with stage-release funding up to 85% per stage.
The society also offers its BuildLoan (accelerator) 1.66% lifetime discount at 5.94%, up to 80% LTV, with a fee of £1,999, 2% ERC for one year and stage-release funding up to 85% per stage.
While its BuildLoan large loan 1.76% lifetime discount at 5.84%, goes up to 70% LTV, with a 0.25% fee, 2% ERC for two years and stage-release funding up to 70% per stage.
Its Mayflower range includes its Mayflower 1.85% lifetime discount at 5.75%, up to 80% LTV, with a £1,999 fee, a 2% ERC for one year and stage-release funding up to 75% per stage.
While its Mayflower large loan 1.76% lifetime discount at 5.84% goes up to 70% LTV, comes with a 0.25% fee, 2% ERC for two years and stage-release funding up to 70% per stage.
