BuildLoan has announced the launch of two new self and custom build mortgage products with Nottingham Building Society.
Both products have no early repayment charges and are two-year discounted rates based on arrears stage payments, available on an interest-only basis during the build. They each have a maximum LTV of 80% with land and build costs also up to 80%.
BuildLoan confirmed that loans will start at £50,000 up to £600,000, or a maximum of £500,000 if interest-only is taken for the whole term of the mortgage.
The first product has an initial pay rate of 3.99% for two years, which is a 1.75% discount from The Nottingham’s variable mortgage rate, reverting to 4.24%. BuildLoan also revealed that the second product has an initial pay rate of 4.14%, representing a 1.60% discount, reverting to 4.24%.
BuildLoan head of product development and underwriting, Chris Martin, commented: “These ERC-free products provide flexibility to clients and complement The Nottingham’s comprehensive lending policy. The products are available to the increasing number of self and custom builders using more efficient modern methods of construction to build their home.”
The Nottingham head of intermediaries, Nikki Warren-Dean, added: “Self and custom build is an increasingly important part of the new-build housing sector. We have worked with BuildLoan to create a product range and lending policy to meet the needs of a wide range of customer circumstances.”
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