Stafford Railway Building Society announces its new partnership with self-build specialist BuildStore Mortgage Services.
Buildstore and its intermediary section Buildloan will distribute the society’s three-year self-build mortgage at a standard variable rate (SVR) currently at 2.95% plus 1.30%, leaving the current product available at 4.25%.
The product will be available on the purchase of land and build of a new property, renovation of an existing property, or the conversion of an existing structure.
Emma Parker, business development manager at Stafford Railway Building Society, said: “We are really looking forward to working with BuildStore.
“The company has a proven track record in helping clients realise their dreams of building their own home and we are sure that our product will complement this”
The mortgage can be available as interest only, and on receipt of completion the mortgage reverts to a capital repayment basis currently at 2.95% SVR.
The society will lend on a maximum of £500,000 at 85% loan-to-value (LTV) to purchase land or property and up to 85% of the cost of each stage during the build.
Raymond Connor, chief executive at BuildStore, added: “Our partnership with Stafford Railway Building Society will enable more self-builders to access the tailored funding solutions required for a successful project, and demonstrates the growing commitment of lenders to the self-build housing sector.”