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.”