BuildLoan has added two new do-it-yourself and custom-built products with Furness Building Society.
to support self-builders in the heart of England North West region of Furness.
The new products offer local builders and custom builders in the postcode area of LA in the North West of England a rate 0.3% lower than comparative products in the range and a free evaluation.
Like all Furness self-build products available exclusively through BuildLoan, borrowers are offered installment payments throughout construction that are directly tied to the cost of each element of their project, rather than site value.
Funds are available on a prepayment or installment basis, providing even more cash benefits, especially to those who choose modern construction methods like offsite manufactured wood systems.
There is no prepayment charge and a £ 1,500 completion charge applies to each product.
The two new products are twoone-year arrears installment discount product with an initial rate of return of 3.65% and a product charge of £ 1,500; and a discounted two-year prepayment product with an initial payout rate of 3.99% and a product charge of £ 1,500.
Chris Martin, Head of Product Development and Underwriting at BuldLoan, says: “These new products offer exciting features, including guaranteed installment payments agreed upon as part of the app to give customers the peace of mind they really need that the funds will be available at the right time.”
Alasdair McDonald, Intermediate Mortgage Manager for the Furness Building Society, said, “Supporting the self-build and custom-build industry through our relationship with BuildLoan continues to be an integral part of our lending strategy as well as supporting members of our region.
“We designed these products with BuildLoan to provide features that meet the specific needs of self-builders: funds available when needed during construction, the flexibility of no ERC, and a wide range of follow-up products. available when the customer’s build is complete. “