Vernon Building Society has launched two exclusive self-build mortgages with BuildLoan, to support intermediaries and their homebuilding clients.
The North West based building society will offer an advance stage payment product and an arrears stage payment product, both with guaranteed stage payments based on cost and no requirement for interim valuations during the build.
The products are a 2-year tracker Accelerator mortgage with an initial rate of 5.50% and a 2-year discount rate arrears mortgage with an initial rate of 4.74%. Clients can borrow up to 85% on their land and build costs, with a maximum final LTV of 80% with both products.
Tom Gurrie, head of intermediary sales at Vernon Building Society, said: “Self-build is a highly specialised but important part of a diverse housing market. BuildLoan is the UK’s leading provider of specialist mortgages for self-build and we’re pleased to add our competitive products, flexible lending policy and underwriting expertise to their panel.”
“We look forward to working together to provide lending solutions that help brokers and their clients in this growing market.”
Rachel Pyne, BuildLoan operations director, added: “We’re delighted to welcome Vernon Building Society to our lender panel. These new products will strengthen our product offering and provide more choice and flexibility to mortgage brokers and their homebuilding clients.”