Hanley Economic BS sees self-build advances rise by over a third
07 July 2020
Hanley Economic Building Society has reported a 35% increase in self-build advances over an 18-month period running from the beginning of January 2019 to the end of June 2020.
The extension of Hanley’s self-build and residential product range into Scotland in April 2019 is cited as one of the major driving forces behind this growth. The Society’s ‘build for second home’ product - aimed at self-builders looking to construct a second residential home - and the lenders ‘part-complete’ self-build product - aimed at borrowing for projects which are already underway – have also proved key to this ongoing success. Both of these products were launched in December 2019.
The Society has also updated its self-build guide to ensure intermediary partners and their clients are better educated and informed on the self-build market during the current economic climate.
The guide has been updated to include:
- A full costings calculations sheet
- An application checklist
- Ongoing lending criteria
- Extensive listings of acceptable and unacceptable self-build property types
Sue Pedley, business development manager at Hanley Economic Building Society, commented:
“This gradual uplift in self-build business has been generated over a lengthy period, meaning these figures are certainly no flash in the pan. It’s clear that existing homeowners are looking to take greater control over their ever-changing property needs, FTB’s are also less phased by the self-build process and modern methods of construction continue to push homebuilding boundaries. Factors which suggest that the appeal of self-build is only likely to rise.
“As a lender who is passionate and committed to self-build, we’re proactively engaging with an increasing number of intermediaries to highlight the types of self-build options on offer and break down the processes to demonstrate that this area of lending is not as intimidating as many people think. With that in mind, I urge intermediaries to speak to lenders about the support they can offer which will enable more of their clients to achieve their self-build dreams.”
