Hanley Economic Building Society has launched a direct to intermediaries self-build proposition.
This includes the introduction of a self-build product with an initial pay rate of 4.49%, fees of £1,000 and is available on an arrears basis up to 80% LTV.
Keith Barber from Family Building Society said: “It’s not a product line we offer ourselves. From the point of view of mainstream rates, it sounds relatively expensive but anything which can increase the finance for self-build is welcomed.”
An online self-build hub has also been developed to help guide intermediaries and their clients through the self-build process.
This hosts resources including: self-build criteria, submitting an application, assessing your application, releasing funds, completion of the project, service standards and self-build downloads
David Lownds, head of marketing & business development at Hanley Economic Building Society, said: “Self-build is a key market for the Society and is a growth sector which is providing an increasing number of opportunities for intermediaries.
“We’ve been helping self-builders to build or renovate their homes for roughly a decade now and have a wealth of knowledge and experience across a wide range of construction types – from traditional brick and block through to modern methods of construction.
“However, this is a sector which can often be a complex and onerous one without the right support network in place.
“This is why we launched our self-build direct to intermediaries offering and, after initial feedback in its pilot stage, added a self-build hub to make the process even simpler for our intermediary partners.
“And we are looking forward to engaging with more intermediaries to see how they can help clients turn their self-build dreams into a reality.”
Hanley Economic Building Society entered the self-build sector in 2008 distributing its products through self-build specialist finance providers.