BuildLoan and Furness launch new self and custom build mortgages

The new products offer local self and custom builders in the LA postcode area a rate 0.3% lower than the comparative products in the range and a free valuation.

A two-year arrears stage payment discounted product has an initial pay rate of 3.65% and a two-year advance stage payment product starts at 3.99%, both with a £1,500 product fee.

Like all Furness self build products available exclusively through BuildLoan, borrowers benefit from guaranteed stage payments throughout the build which are directly linked to the cost of each element of their project, rather than site value. These features mean clients can press ahead with their build with confidence they will get the money they are expecting without the fear of payment being reduced due to down valuation.

Chris Martin, head of product development and underwriting at BuildLoan, commented: “These new products offer great features including guaranteed stage payments being agreed as part of the application to give clients the peace of mind they really need that funds will be available at the right time.”

Alasdair McDonald, head of intermediary mortgages at Furness Building Society, said: “Supporting the self and custom build sector through our relationship with BuildLoan continues to be an integral part of our lending strategy as well as supporting members in our local area.

“We’ve designed these products with BuildLoan to offer features that meet self builders’ specific needs – funds available when needed during the build, the flexibility of no ERCs and a great range of follow-on products available when the client’s build is complete.”