Lloyds to distribute self-build exclusively through advisers

Adam Williams
Written By:
Adam Williams

Lloyds Banking Group will offer self-build mortgages solely through brokers after a change in strategy from the lender.

The group’s Halifax brand previously offered self-build mortgages through its branch network but will cease to offer this service due to low sales figures.

Around 1% of Lloyds Banking Group’s total lending is in the new build sector.

Your Mortgage understands that around 4% of BM Solutions’ loan book is made up of self-build products while a number of Halifax branches did not process a single self-build case in 2012.

A spokesperson said that the group would still look to complete the same amount of lending in the sector: “We will now only offer self-build products through our BM Solutions brand via intermediaries.

“Very few cases went through the Halifax.

“BM already offers a large range of specialist products and is the appropriate brand through which to offer our self-build range.”

A report last year said that around 10% of new properties in the UK are considered to be self-built, a definition that includes people building their own homes, packaged homes, bespoke developer-built homes and community collaborations.