Furness Building Society has launched a range of replacement products for self and custom build with improved criteria, to support intermediaries and their homebuilding clients.
The products include a 2 Year Discount Accelerator mortgage with an initial rate of 4.15% and a 2 Year Discount Arrears mortgage with an initial rate of 3.99%. These new products come with a maximum loan amount of £500,000 and clients can borrow up to 85% on their land and build costs, with a maximum final loan to value of 80% for all products.
The products are available to customers undertaking a self build, custom build, renovation, conversion or home improvements in England, Wales and Scotland.
Clients can make up to 10% overpayments each year and enjoy interest only payments during their build, to keep costs low.
Rachael Pyne, Client Services Director comments “We’re delighted that Furness are offering new and improved lending criteria which will enable more self builders to achieve their homebuilding dreams.”
Full details of Furness Building Society’s products for self and custom build can be found here.