The Hanley Economic Building Society has introduced a new ‘build for second home’ product aimed at self-build clients looking to construct a second residential home, not to be used for any rental purposes.
The ‘build for second home’ product is a 3.99% two-year variable discount with a 60% LTV, a maximum loan amount of £500,000 and a product fee of £998.
As with most traditional self-build mortgage products, stage releases in arrears will correspond with identifiable stages within the build.
This follows the recent launch of Hanley’s part-complete self-build product which is aimed at borrowing for projects which are already underway.
David Lownds, head of marketing & business development at the Hanley Economic Building Society, said: “Identifying and addressing niches in the self-build market is a real strength of the business and this particular product will work well for clients looking to self-build a property to be used for a holiday/weekend retreat or a long-term retirement home.
“2019 has seen Hanley Economic undertake an extensive self-build campaign by exhibited at, and attended, a wide range of events to engage with huge numbers of self-builders and intermediary partners to find innovative ways to support this growing sector.
“This product further demonstrates our ongoing commitment to the self-build market and providing the intermediary market with access to competitive products backed with individual underwriting and great customer service.”