BuildLoan has reduced the rates on a range of self-build mortgages.
The variable rate discounted products, funded by Chorley Building Society, are exclusively available from BuildLoan for intermediaries for customers in England, Scotland and Wales.
All are suitable for self and custom build, renovations, conversions and home improvements.
BuildLoan introduces ERC-free product
Providing up to 80% of build costs, the products offer guaranteed stage payments through the build with no valuation required during construction.
Rates start from 3.95% (reduced from 4.64%) and repayments can be interest-only throughout the duration of the build to further keep costs low.
The range includes fee free and early repayment charge (ERC) free products.
Chris Martin, head of product development and underwriting at BuildLoan, commented, “A huge number of people in the UK have an appetite to build their own home but are concerned that self-build finance is costly.
“This revised mortgage range funded by Chorley Building Society demonstrates that financing a self build does not have to be expensive.”
Julie Goodwin, head of business development at the Chorley, added, “We are continually looking for new ways to improve our product range and support the self procured housing market, in partnership with BuildLoan.”