West Brom Building Society has partnered with BuildLoan to launch two mortgage products for borrowers who want to build their own home.
Variable product rates of 4.04% and 4.34% for two years are currently available, which have completion fees of £1,999 and £899 respectively. The maximum loan size is £500,000.
Customers can borrow up to 85% loan-to-value (LTV) on land purchase and up to 75% LTV of the property’s final value once completed.
James Wright, the West Brom’s director of marketing and intermediary sales, said: “While customer interest in self and custom build as a viable option for attaining homeownership is increasing, the market remains relatively underserved by lenders.
“We are presenting competitive new opportunities for those who want the freedom to build a home that is exactly suited to their needs.
“Doing this in partnership with BuildLoan will deliver a better overall experience for intermediaries and their clients thanks to the extensive experience and detailed market knowledge they have.”
Rachel Pyne, operations director for BuildLoan, added: “We’re delighted that the West Brom have introduced mortgages for self and custom build to their intermediary product offering. Intermediaries need greater choice to give clients the best possible solution for their homebuilding projects.
“BuildLoan’s partnership with the West Brom will enable more self and custom builders to access the tailored funding solutions required for a successful project.”
Applications are being administered through the society’s preferred partner BuildLoan for customers embarking on either self or custom build projects.
Valuation, legal and external fees are applicable and must be paid for by the customer. Mortgages revert to the West Brom’s standard variable rate after the initial two year term.