Skipton Building Society has become the latest lender to join the BuildLoan self-build mortgage lending panel with an exclusive flexible two-year stepped discount mortgage.
The key features of the BuildLoan self-build mortgage are:
* Up to 95% of land purchase, so clients only require a minimal deposit to buy their land.
* Up to 95% of build costs, which means that most self-builders will be able to build their new home without first having to release equity tied up in their current home.
* Lending of up to 95% of final value.
* BuildLoan can run alongside the client's current mortgage during the build so clients can stay in their own house while building their new one – saving the cost and upheaval of moving to temporary accommodation or a caravan on site.
* Flexible benefits including: Interest calculated daily, payment holidays and an overpayment facility, enabling borrowers to repay early and save money.
With this latest development, BuildStore continues to open up the self-build market to intermediaries who, until recently, were poorly serviced in this growth area.
Steve Aldous, sales and marketing general manager at Skipton, says: “Skipton has been successfully working with BuildStore for some time in the provision of self-build mortgages direct to the customer, so is naturally delighted to also become a lender partner on this intermediary focused product, BuildLoan. With the number of new houses being built falling well short of demand, we see self-build mortgages moving into mainstream lending and becoming a market that no intermediary can afford to ignore.”
Raymond Connor, managing director at BuildStore, says: “We are delighted to have a lender of the calibre of Skipton become a BuildLoan lending partner. With the growth we are seeing in self-build we believe that this market holds huge potential for intermediaries giving self-build the potential to be the next buy-to-let.”