BuildLoan has partnered with the Newcastle Building Society to launch a new range of bespoke, build-your-own products.
The new offering will provide self-employed and bespoke builders with up to 90% of their land and construction costs, to reduce the amount of money a client has to invest in their construction.
The products will offer up to 90% of project costs for loans of up to £500,000.
For larger mortgages, 85% of construction costs will be available for loans up to £750,000 and 80% of costs for loans up to £1m.
Chris Martin, Head of Product Development and Underwriting at BuildLoan, says: “These new products make building your own home a real option, even for those who don’t have much more than 10% of their total costs. , especially if they choose a custom build site where much of the planning and design costs are borne by the developer.
“We know that not having cash when they need it during construction is one of the biggest worries for self-builders. So all of our products have the unique promise of guaranteed funds at every stage of construction, without evaluation during the construction of the house,” says Martin.
Franco di Pietro, Head of Intermediate Mortgages at the Newcastle Building Society, explains: “We know that one of the obstacles to self-build is having enough cash to cover land and construction costs in plus planning and architect fees. So we’ve worked closely with BuildLoan to create a range of products that make designing and building your own home more accessible.
“As well as offering loans of up to £1m as standard and up to 90% of the value of the completed property, the range includes fee-free and ERC-free options, giving brokers and their clients even more choice”, adds Pietro.