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Nottingham BS launches self-build mortgages with BuildStore

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Nottingham Building Society has today launched two self-build mortgages through new build advice website BuildStore.

The first is a 4.39 per cent two-year discounted product, and the second is a 5.19 per cent two-year fixed rate product.

Self-builders will be able to borrow up to 65 per cent LTV on the purchase of land, and up to 75 per cent LTV of the final value of the property.

Both loans have no booking fees, stage release fees, re-valuation fees. The discount loan has no early repayment charges.

However, both mortgages have a £1,499 arrangement fee.

Nottingham will consider self-builders in England and Wales looking to convert a barn or construct a new build home to live in.

Nottingham Building Society head of intermediary sales Nikki Warren-Dean says: “Given the level of housing supply shortage we continue to face in the UK the self-build market is predicted to grow by around 3-6 per cent annually over the next three years.

“In view of this, many people are likely to need help finding the right mortgage and I believe our new mortgage products will be very attractive.

“By minimising upfront fees and offering competitively priced products we aim to help self-builders at a time when they have large outgoings.”

BuildStore chief executive Raymond Connor says: “Our partnership with The Nottingham 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.”

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