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Lloyds to distribute self-build exclusively through advisers
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.
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“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.