Vernon BS cuts self-build mortgage rates by 0.15%

Vernon Building Society has reduced the pricing across its entire self-build mortgage range by 0.15%.

The Vernon’s self-build mortgage range is designed to support a wide range of projects, including modern and non-standard construction, conversions, renovations and rebuilds.

The products offer stage-release funding of up to 85% per stage, with interest-only payments during the build, helping customers manage costs while work progresses.

The Society also allows a portion of a borrower’s savings to be ring-fenced and included in affordability assessments, without needing to be spent upfront, which can help improve borrowing power on more complex projects.

Its current lifetime discount range includes a trio of BuildLoan products and two Mayflower products, now available from 5.75% up to 80% LTV.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “Self-build projects are often highly individual and can be complex, so we’ve designed our lending to be as flexible and practical as possible. By reducing pricing across the range, we’re improving competitiveness while continuing to support customers with a personal, specialist approach that helps them bring their homebuilding plans to life.”