Hinckley & Rugby Building Society has launched a self-build mortgage at up to 80% LTV.
Interest is charged at the Society’s Standard Variable Rate, currently 5.64%.
The mutual requires that the plans must be drawn up by an RIBA-qualified architect and submitted with the mortgage application along with costings and planning and building consents. The applicant must already own the land the new home will be built on.
The new mortgage is available both to direct customers and also via brokers. Fees are £295 for arrangment and £695 on completion. Property assessment fees are on a sliding scale that starts at £245 for houses valued at up to £200,000.
Hinckley & Rugby chief executive Chris White said: “For a small but growing number of people, having a dream home designed and then building it is an increasingly popular choice. This mortgage is specially designed to help make that dream come true.”
