Newcastle Building Society has launched two new products, exclusively for custom build, available exclusively to intermediaries from BuildLoan.
Two Year Base Rate Tracker – 5.19% until 31/03/2021
Two Year Fixed Rate – 5.39% until 31/03/2021
These new arrears stage payment products come with a maximum loan amount of £600,000 and offer higher lending percentages on land and build costs of up to 85% and a maximum final LTV of 85% for projects in England, Wales and Scotland.
Stage payments are based on completed milestones during the custom build, rather than on valuation. To keep costs low during the build, customers can also enjoy interest only during their build, reverting to repayment post build.
Newcastle Building Society is the biggest building society in the North East and was recently recognised as ‘Best Self Build Lender’ for its long term support of the market, at the 2018 Build It Awards. The lender is continually seeking to improve its product criteria and has mostly extended the maximum age of borrowers to 80 and its maximum term to 40 years.
Rachel Pyne, BuildLoan’s Client Services Director says “We’re delighted Newcastle Building Society has introduced these new products for custom build. This year will be a big year for custom build and we are working with our lenders to ensure clients can access the products they need to pay for their custom build home.
Full details of Newcastle Building Society’s range of products for self and custom build can be found here.
Long Four Acres – an example custom build site in Mulbarton, Norfolk with 15 serviced plots for custom build.
Newcastle’s products are available to intermediaries that are members of L&G Club and Network, First Complete, Pink, Openwork, Intrinsic, Positive Solutions, Caerus, Sesame, PMS, The Mortgage Alliance, Brilliant Solutions, Tenet, Personal Touch Financial Services, Paradigm Mortgage Services and Simply Biz.