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Mortgages PLC offers sub-prime products to self-build

Mortgages PLC is now allowing borrowers building their own properties to access most of its sub-prime products.

Mortgages PLC’s product range is also available to self-builders on a self-certification basis up to 85% LTV, and on a full status basis up to 95% LTV.

Funds will be released in four phases: after construction to first floor level, roof completed, property weatherproofed, and final completion of the development.

Pete Thomson, sales director at Mortgages PLC, says: “The self-build sector is growing strongly, with about 20,000 self-build projects started each year.

“Believe it or not, one in eight new homes and one in four detached homes are self-build. Collectively, self-builders are Britain’s biggest house builders.

“We believe the right approach to this market is to open up our product range to self-builders rather than produce bespoke products. All our normal criteria apply, including self-cert and our popular affordability calculation. The only difference is that funds are released on a staged basis.“

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