The Mansfield Building Society has extended access to its new 85% loan to cost Self-build Accelerator product.
The product, which allows self-builders to borrow in advance stage payments up to 85% loan to cost, including land purchase, is now available through BuildLoan.
The Mansfield’s flexible self-build criteria includes both traditional construction methods and a variety of non-standard construction types, such as steel or timber frame, thatched or lead roofing, and many other designs which are becoming increasingly common.
The BuildLoan Accelerator product features include:
- Standard Variable Rate for term (currently 5.59%)
- No Early Repayment Charges
- Minimum loan size £100,000, maximum loan size £500,000
- 85% loan to cost, including land purchase
- Completion fee 1% of the loan amount (can be added)
- Interest only available during build
Steve Walton (pictured), the Mansfield’s national development manager, said: “After a successful trial of the Accelerator product through BuildStore, we’re delighted to extend access to brokers and their clients. The product, exclusively available through BuildLoan and BuildStore, enables borrowers to take greater control of their project thanks to advance stage payments up to 85% loan to cost.
“Providing advanced stage payments gives self-builders the ability to complete their build quicker, and should enable them to negotiate better terms with suppliers through the availability of up-front funding.
“We’re proud to be working with BuildLoan and providing greater support to the self-build industry, helping individuals build their dream home.”
Rachel Pyne, operations director at BuildLoan, added: “At BuildLoan, we want to support brokers by making their clients’ homebuilding dreams a reality. Having products like The Mansfield’s Accelerator up to 85% Loan to Cost is a real boost because it means that we’re able to offer a wide range of mortgage solutions.
“In addition to exclusive products like this one, we can help brokers operate efficiently, providing the best advice to homebuilding clients with our expert packaging and extensive know-how via our dedicated specialist broker help desks.”