Mortgage Intermediaries can now access a new product from Hinckley & Rugby Building Society for self build clients.
The higher loan to value (LTV) mortgage from Hinckley & Rugby is a two-year discount product charging an initial 4.99%. The money will be provided in five stage payments, with Hinckley & Rugby lending up to 85% of the land purchased and then up to 85% of the cost of the build. The maximum LTV of the completed home is 75%.
The partnership between Hinckley and Rugby has been forged to bring the Building Society’s experience from six years of self build lending to a wider field of intermediaries and their clients.
Hinckley & Rugby Head of Sales, Carolyn Thornley-Yates said “Partnering with BuildLoan will enable us to better serve the intermediaries advising the growing number of self builders, many of whom need higher LTV borrowing to create the home they desire.
“They can borrow up to £500,000, we’ll pay the cost of an additional security fee and we will apply our manual underwriting to carefully assess each application, working with intermediaries to fully understand all aspects of the case.”
Raymond Connor, BuildLoan CEO commented:
“I am delighted that Hinckley & Rugby Building Society had joined our lender panel with the launch of a new mortgage product for self build. Notwithstanding the current political unrest, the self and custom build sector is growing and we believe 2020 will see unprecedented demand.”
For full product details click here