The Saffron Building Society has launched a new lower rate, self-build mortgage at 3.99%.
The mortgage includes the following features:
- Every application is manually assessed by a specialist self-build underwriter
- Flexible stage payments; funds are released in stages that can be tailored to each individual project
- Available to first time buyers
- Up to five times income considered on applications, assessed on a case by case basis
- Custom-build developments are also accepted
Details of the mortgage are as follows:
- Rate: 3.99% (SVR -1.65%) to 75% LTV
- Arrangement fee: 1%
- Early Repayment Charge (ERC): None
- Loan: Min loan £30k, Max loan £1m
- Term: 24 months
- Repayment: Interest only
- Purpose: For purchase or remortgaging
- Maximum Age: No maximum
Anita Arch, The Saffron Building Society’s head of mortgage sales, said: “The popularity of self-builds is noticeably growing with more and more support available to turn ideas into reality. Self-build projects don’t need to be construction from scratch. They can be renovations to an existing property, or conversions to a barn, basement, loft or garage. In essence, any large extension could be classified as a self-build construction.
“Saffron has years of experience providing finance for people looking to build their own ‘dream homes’ – we believe this new lower rate mortgage opens up possibilities to even more self-builders.”