BuildLoan has announced a partnership with the Furness Building Society and also launched a new self build and renovation mortgage product for intermediaries.
Furness Building Society has been lending to self builders for a number of years, and has a specialist underwriting team that looks at each case individually. This new partnership with BuildLoan for the broker market will provide a new wave of funding for the growing number of self builders and renovators.
Clients undertaking a self build, renovation, conversion or home improvement project can borrow up to 75% of costs, which is released in stages, at relevant construction phases.
Also, clients can take advantage of an interest only option throughout the build.
Raymond Connor, chief executive of BuildLoan, said: “We have been working hard for years to ensure that mortgage intermediaries have access to the best self build and renovation funding solutions for their clients, and that they benefit from our unrivalled expertise in this marketplace. We are delighted to bolster our offering and pleased to be working with the Furness to launch this new product, which will help intermediaries serve this important and growing market.
“Working with all our lending partners, we will continue to develop and enhance our product offering to meet brokers’ needs and are committed to maintaining our position as the market leaders.”
Furness Building Society Chief Executive, Nigel Quinton, added: “The self build market has been a successful business channel for the Furness, and we are delighted to be able to extend our offering in this specialist market to mortgage intermediaries.
“The self build market presents a prime opportunity for us as a building society to support local communities – crucially it allows people to create and build the homes they want and need, at an affordable price.”