The Loughborough Building Society has extended its stage payment product offering to all intermediaries via BuildLoan, suitable for self-build, renovations, conversions and major home improvements.
The product is a 2-year discounted rate of 4.14%, which is a discount of – 0.95% against the current standard variable rate of 5.09%.
Customers in England and Wales can borrow up to 80% of their land and build costs up to a maximum loan amount of £500,000 and a final LTV of 80%. Funds will be released on an arrears stage payment basis.
Gary Brebner, Loughborough chief executive, said: “Given BuildLoan’s expertise in providing self-build and renovation mortgage packaging to intermediaries, we see this as a great opportunity to provide wider access to our considerable expertise in this important market.”
Both repayment and interest-only payments are available during the build, while on completion clients have the option to switch onto a lower residential mortgage rate.
There is an early repayment charge of 2% for the first two years with a completion fee of £525 which can be added to the loan.
Rachel Pyne, BuildLoan operations director, added: “We’re delighted that Loughborough Building Society have chosen to extend their offering to brokers through BuildLoan.
“The addition to our lender panel has certainly strengthened our product offering giving more choice and flexibility to brokers.”