Saffron introduces two self-build large loan products
Saffron Building Society has launched two self-build large loan products for intermediaries.
The first product offers 65% of the purchase price and 100% of build costs, with a 75% max gross development value (GDV) at a 2-year discounted of 4.49% (SVR -0.9%),
The second provides 80% of the purchase price, 80% of build costs with an 80% max gross development value at a 4.69% discounted rate (SVR -0.7%).
Saffron will be accepting custom build and first-time buyers, and the products cover a variety of scenarios and are free from early repayment charges (ERCs).
Tony Hall, interim head of mortgage sales at Saffron Building Society, said: “We are delighted to be announcing these two new self-build products to intermediaries and that we are able to further support them, and their clients, with large self-build aspirations.
“Our award-winning self-build products have always been a significant part of our offering as a society, so this is the natural next step.
“However, brokers handling their first self-build mortgage enquiries from clients have been surprised by the product criteria, which can appear quite dissimilar than that of a typical mortgage product.
“But it is all about understanding the process and embracing it.
“We have tried to make this as simple as possible to encourage intermediaries to promote their self-build financing credentials as interest in building our own homes in the UK continues to increase.”