Tipton teams up with BuildLoan for self- and custom-build launch

Money

Tipton and Coseley Building Society has teamed up with BuildLoan to introduce two self- and custom-build mortgages.

The first has a two year discounted rate of 3.99 percent with a £999 arrangement fee that can be added to the loan.

The second is a two-year product with a 4.24 percent discounted rate with no arrangement fee.

Both products have payable valuation fees and a 10 percent over-payment facility.

Tipton will lend up to £450,000 at 85 percent LTV during the build stages and up to a maximum of 75 percent LTV at completion of the build.

The funds will be released on an arrears stage payment basis.

Tipton head of mortgage sales Richard Groom says: “We’ve designed these mortgage products to increase the options available to self- and custom-builders which are amongst some of the most competitive on the market.”

BuildLoad operations director Rachel Pyne says: “Our partnership will allow more self and custom builders to access the funds they need for a successful project, and demonstrates the growing commitment of lenders to the self and custom build housing sector.”

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