BuildLoan has partnered with Buckinghamshire Building Society to launch a new custom and self-build mortgage product.
The product offers stage payments of up to 85% of build costs on completion of each stage of work, with releases linked to build costs rather than a site valuation – removing the risk of the client not receiving the funds they are expecting.
BuildLoan confirmed that the arrears stage payment product offers a discount of 0.95% from Buckinghamshire’s standard variable rate for two years, giving an initial pay rate of 3.79% with a £1,499 completion fee.
“This product enables clients to get agreement up-front regarding the amount of funds that will be released at each stage of their project,” BuildLoan head of product development and underwriting, Chris Martin, commented.
“This gives them a huge amount of peace of mind that the funds they receive aren’t put at risk by a down valuation during the build. This is a really important benefit to self-builders to ensure their project progresses as they expect.”
Buckinghamshire key account manager, Claire Askham, added: “We are committed to supporting the ever-changing self-build sector through our range of mortgage products offered exclusively via BuildLoan.
“We believe this arrears product shows our commitment to support the self-build market and enhances the relationship we have with BuildLoan.”
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