BuildLoan has announced the launch of two new self-build mortgage products in conjunction with Buckinghamshire Building Society.
The new products offer guaranteed stage payments based on the cost of each stage of work, rather than the level of available funds being dependent on a lender’s valuation during the build.
BuildLoan said the feature removes the risk of available funds being reduced unexpectedly due to a down-valuation, which can cause the client severe cashflow issues and potentially bring a project to a standstill if contractors can’t be paid on time, or materials cannot be purchased when they are needed.
Both products are ERC-free with an initial two-year rate linked to SVR, with the first having no product fee and an initial pay rate of 5.50%. The second product has a completion fee of £1,499 and initial pay rate of 4.45%.
BuildLoan head of product development and underwriting, Chris Martin, commented: “These products tick many boxes for self-builders, with guaranteed stage payments available up-front to ensure that clients get their money when they need it during the build.
“The low fee structure is highly attractive and having no ERCs provides a lot of flexibility when the build has been completed.”
Buckinghamshire has offered a range of self and custom build mortgages exclusively through BuildLoan since 2015.
The society’s head of mortgage sales, Claire Askham, added: “Self and custom build is an important market for us and we have worked hard with BuildLoan to develop these products with features that self-builders really need.
“The peace of mind of having pre-agreed up-front stage payments gives clients huge reassurance and confidence that they can finance their build successfully.”
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