BuildLoan has introduced two new self and custom build products with Furness Building Society to support self-builders in Furness’s North West England heartland area.
The new products offer local self and custom builders in the LA postcode area a rate 0.3 percentage points lower than the comparative products in the range and a free valuation.
Like all Furness self build products available exclusively through BuildLoan, borrowers access guaranteed stage payments throughout the build which are directly linked to the cost of each element of their project, rather than site value.
Funds are available on an advance or arrears stage payment basis offering cashflow benefits, particularly to those choosing modern methods of construction like offsite manufactured timber systems. BuildLoan says these construction systems can provide real efficiencies in build times and quality as well as reducing the carbon impact of the client’s home but often need a mortgage that provides more funds early in the build process.
There are no Early Repayment Charges and a £1,500 completion fee applies to each product.
The two new products are:
- A two-year arrears stage payment discounted product with an initial pay rate of 3.65% and a product fee of £1,500
- A two-year advance stage payment discounted product with an initial pay rate of 3.99% and a product fee of £1,500
Chris Martin, head of product development & underwriting at BuildLoan, said: “These new products offer great features including guaranteed stage payments being agreed as part of the application to give clients the peace of mind they really need that funds will be available at the right time.”
Alasdair McDonald, head of intermediary mortgages at Furness Building Society, added: “Supporting the self and custom build sector through our relationship with BuildLoan continues to be an integral part of our lending strategy as well as supporting members in our local area.
“We’ve designed these products with BuildLoan to offer features that meet self-builders’ specific needs – funds available when needed during the build, the flexibility of no ERCs and a great range of follow-on products available when the client’s build is complete.”