Buckinghamshire Building Society has reduced rates and increased the amount it will lend on self-build mortgages.
Buckinghamshire Building Society has cut costs on its self-build mortgage range by up to 0.25 percentage points.
It has also increased its self-build maximum loan to £1m from £500,000.
The lender’s self-build mortgage range is available exclusively through specialist BuildLoan.
What’s new?
The lender’s new self-build range now includes the following products:
- Self-build advance two-year discount at 6.49%
- Self-build arrears two-year discount at 6.35%
- Self-build advance two-year discount at 6.54% with no early repayment charges (ERCs)
Chris Martin, head of products at BuildLoan, said: “Affordability continues to be challenging for anyone looking to borrow to build their dream home.
“As well as lower rates to reduce monthly costs, these new BuildLoan-exclusive products from Buckinghamshire include our complete package of Consumer Duty solutions, which mitigate the risks of poor outcomes and foreseeable harm by ensuring the project has been properly budgeted and the clients will get the money they need at the right time to complete their build successfully”.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, added: “With the increased focus by the new Government on building new homes, we anticipate steady growth in the self-build sector.
“By reducing rates, plus also doubling our maximum loan size, we hope that this enables more borrowers to achieve their home building dreams.”
Self-build lending from Buckinghamshire Building Society is available on properties across England and Wales, with each case assessed on an individual basis and manually underwritten.
