Saffron For Intermediaries, the dedicated intermediary channel of Saffron Building Society, is offering a Spring sale on its self-build mortgages.
The sale includes not only a one percentage point discount off the mortgage rate currently on offer, but the fee is also being cut in half from 2% to 1%.
Anita Arch, head of mortgage sales at Saffron, said: “Spring is traditionally the time when self-build projects get underway and we therefore thought a mortgage sale would be a welcome offer.
“Our sale means that self-builders can borrow at variable rates starting from just 4.59% on an interest only or repayment basis, for a period of up to two years. With the fee also being cut in half to just 1%, I have no doubt this will prove to be popular with anyone thinking about building their dream home or converting or refurbishing an existing structure.
“Once the build has been completed, borrowers can apply to switch to any of our other residential mortgage products available at the time.”
Saffron’s self build mortgages are designed to meet different situations whether that is for purchase of land, barn conversions or a knock-down and re-build projects. Saffron will consider covering the full cost of the work subject to a maximum 75% of the gross development value. Payments will be released in stages that can be tailored to each individual project.
Self-build mortgages are available from £30,000 up to £500,000, but applications of up to £1 million will be considered on a bespoke basis. All applications are individually assessed by an underwriter.