The Melton has extended its range of self-build mortgages with the launch of a new family assist self-build mortgage.
The product hopes to allow parents to provide the deposit and have it returned as a final stage payment on completion of the build.
The new product provides stage payments in arrears and is available to purchase the land as well as build costs, up to 75% of the total costs with a maximum loan size of £250,000.
This new mortgage forms part of the Melton’s family assist proposition which includes consideration of up to four incomes and allows parents or children on the mortgage to support affordability.
Nicola Alvarez, director of sales and marketing at the Melton, said: “Self-build and renovation offers choice and diversity to the home buyer and is often beyond the reach of first-time buyers where providing a substantial deposit can be a barrier.”