Hanley Economic Building Society has announced the launch of a new ‘build for second home’ product aimed at self-build clients looking to construct a second residential home, not to be used for any rental purposes.

The building society said its ‘build for second home’ product is a 3.99% two-year variable discount with a 60% LTV, a maximum loan amount of £500,000, a product fee of £998, as well as stage releases in arrears that will correspond with identifiable stages within the build.

The new product follows the recent launch of Hanley’s part-complete self-build product which is aimed at borrowing for projects already underway.

Hanley said it has helped hundreds of customers to build their own homes, while constantly looking at ways to better engage with the intermediary market to strengthen its support within the sector.

Hanley head of marketing and business development, David Lownds, commented: “Identifying and addressing niches in the self-build market is a real strength of the business and this particular product will work well for clients looking to self-build a property to be used for a holiday retreat or a long-term retirement home.

“2019 has seen Hanley undertake an extensive self-build campaign by exhibited at, and attended, a wide range of events to engage with huge numbers of self-builders and intermediary partners to find innovative ways to support this growing sector.

“This product further demonstrates our ongoing commitment to the self-build market and providing the intermediary market with access to competitive products backed with individual underwriting and great customer service.”

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