BuildLoan expands its wide range of mortgages
Bespoke and bespoke mortgage distributor BuildLoan has launched a range of products with the Darlington Building Society, offering loans of up to £1.5million.
Specialists’ products offer customers who wish to build their own home, either independently or on a bespoke construction site, up to 85% of their project costs. Mortgages have reduced rates until November 2024 with a 0.5% completion fee.
Loans are available with additional funds released on completion of each stage of work or in advance under the group’s standard guaranteed installment payment policy, which is linked to the cost of each stage of work. There are no assessments during construction and the stage release scheme is agreed upon during application.
Chris Martin, Head of Product Development and Underwriting at BuildLoan (Photo)said: “We see that more and more customers are looking to build higher quality homes and therefore need to borrow more.
“We know that the availability of funds at the right time during construction is extremely important for self-builders.
“The pay-in-advance options are a fantastic solution for customers with a small pot of cash savings, especially if they are building using an off-site manufactured product that requires a larger upfront payment.
“Self-build can seem complex and our brokerage desk team can guide brokers to the right solution for their client.”
Louise Thorpe, Director of Distribution, Darlington Building Society, added: “The self-contained and custom build market is growing and is an integral part of our lending strategy.
We developed these products with BuildLoan to give more potential self-builders the opportunity to build the home they want, with a product designed with their key needs in mind.