Stafford Railway Building Society is now selling its self-build products through BuildStore Mortgage Services.
BuildStore and its intermediary arm, BuildLoan, will sell the society’s three-year self-build mortgage at an SVR of 2.95 per cent plus 1.30 per cent, plus a valuation based on the final value of the home.
The product will be available on the purchase of land and build of a new property, renovation of an existing property, or the conversion of an existing structure for residential purposes.
The society will lend up to £500,000 at 85 per cent LTV to purchase land or property and up to 85 per cent of the cost of each stage during the build, subject to valuation.
Funds will be released on an arrears stage payment basis and the final mortgage value must be no more than 75 per cent LTV.
During the build, the mortgage can be available as interest-only.
On completion the mortgage reverts to a capital repayment basis.
Stafford Railway Building Society business development manager Emma Parker says: “We are really looking forward to working with BuildStore. The company has a proven track record in helping clients realise their dreams of building their own home and we are sure that our product will complement this.”
BuildStore chief executive Raymond Connor says: “The Government’s continued support of the self-build market means that demand for tailored finance is continually on the rise, and prospective self-builders are increasingly turning to specialists to secure the right type of funding for their bespoke home projects.”