BuildLoan introduces new reduced rate deals for self builders

25 February 2021

BuildLoan has reduced the rates on a range of self build mortgages, providing even greater choice and exceptional value to clients wishing to build their own home.

The variable rate discounted products, funded by Chorley Building Society, are exclusively available from BuildLoan for intermediaries, for customers in England, Scotland and Wales. All are suitable for self and custom build, renovations, conversions and home improvements.

Providing up to 80% of build costs, the products offer guaranteed stage payments through the build with no valuation required during construction. Rates start from 3.95% (reduced from 4.64%) and repayments can be interest-only throughout the duration of the build to further keep costs low. The range includes fee free and early repayment charge (ERC) free products.

Chris Martin, BuildLoan Head of Product Development and Underwriting, commented, "A huge number of people in the UK have an appetite to build their own home but are concerned that self-build finance is costly. This revised mortgage range funded by Chorley Building Society demonstrates that financing a self build does not have to be expensive.”

Julie Goodwin, Chorley Head of Business Development, added, “We are continually looking for new ways to improve our product range and support the self procured housing market, in partnership with BuildLoan.”