According to the lender, loans are available with additional funds released on completion of each stage of work or in advance of the start of each stage
Self and custom build mortgage distributor, BuildLoan, has announced that it has launched a new product range with Darlington Building Society, offering mortgages up to £1.5 million ($1.97 million).
The new range will feature products aimed at clients wanting to build their own home, either independently or on one of a growing number of custom build sites, up to 85% of their project costs.
According to the lender, loans are available with additional funds released on completion of each stage of work or in advance of the start of each stage. All BuildLoan products provide guaranteed stage payments during the build linked to the cost of each stage of work so that clients have the funds they need at each part of the build. There are no valuations during the build and the pattern of stage releases is agreed at the application stage.
The new products offer discounted rates until November 2024 with a 0.5% completion fee.
Chris Martin, head of product development and underwriting at BuildLoan, said: We are seeing more clients looking to build higher spec homes to meet their specific needs and, therefore, need to borrow more. These new deals supplement our already wide range of products.
We know the reassurance that funds will be available at the right time during the build is hugely important to self-builders and these products provide that comfort, with stage releases, agreed up-front and no valuations during the build, he said.
Louise Thorpe, distribution director from Darlington Building Society, adds: The self and custom build market is growing and is an integral part of our lending strategy. We’ve developed these products with BuildLoan to give even more potential self-builders the opportunity to build the home they want.