Saffron Building Society has launched a self-build mortgage at 3.99%to 75% loan-to-value for purchases and remortgages.
There’s a 1% arrangement fee, no early repayment charge, a minimum loan of £30,000 and a maximum loan of £1m with a 24-month term and no maximum age. The repayment is interest-only.
Anita Arch, (pictured), Saffron Building Society’s head of mortgage sales said: “The popularity of self-builds is noticeably growing with more and more support available to turn ideas into reality. Self-build projects don’t need to be construction from scratch.
“They can be renovations to an existing property, or conversions to a barn, basement, loft or garage. In essence, any large extension could be classified as a self-build construction.
“Saffron has years of experience providing finance for people looking to build their own ‘dream homes’ – we believe this new lower rate mortgage opens up possibilities to even more self-builders!”
Every application is manually assessed by a specialist self-build underwriter, there’s flexible stage payments, it’s available to first-time buyers, up to five times income is considered on applications, assessed on a case by case basis and custom-build developments are also accepted.
Average savings of 15-20% are being made by ‘self-builders’ compared to the cost of buying the same property.