View more on these topics

Nottingham BS launches self-build mortgages with BuildStore

Bricks building housing construction

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.”

Recommended

Most lenders still fail the self-employed, says TMB’s Pescod

The self-employed make up 16 per cent of the UK workforce yet most mortgage lenders remain hopelessly out of sync According to the latest statistics, the level of self-employment in the UK increased from 3.8 million people in 2008 to 4.6 million in 2015. In fact, the number of self-employed workers is fast catching up […]

Paper-People-Cardboard-Cutout-700.jpg

Building societies set for change as firms target non-core areas

The building society sector is poised on the brink of huge change this year, with regulation increasingly driving the lenders into non-traditional areas, say experts. Yesterday Mortgage Strategy revealed that Buckinghamshire Building Society was considering moving into regulated bridging, and that Saffron Building Society planned to offer unregulated bridging to property developers. Last week, Mortgage […]

My Opinion: New builds should not shut out brokers

Choosing a new-build property does not remove a buyer’s need for advice on financial options and potential benefits Many people dream of owning a brand-new home but choosing a new-build property does not remove a buyer’s need for advice from a broker. From structure and energy efficiency to the different government schemes in place, there […]

Newsletter

News and expert analysis straight to your inbox

Sign up