Vernon Building Society has today launched two new exclusive mortgage products for self and custom build with BuildLoan, to support intermediaries and their homebuilding clients.
The building society is offering an advance stage payment product and an arrears stage payment product, both with guaranteed stage payments based on cost and no requirement for interim valuations during the build.
The products are a 2 year tracker Accelerator mortgage with an initial rate of 5.50% and a 2 year discount rate arrears mortgage with an initial rate of 4.74%. Clients can borrow up to 85% on their land and build costs, with a maximum final loan to value of 80% with both products.
Head of Intermediary Sales at Vernon Building Society, Tom Gurrie, said: “Self and custom build build is a highly specialised but important part of a diverse housing market. BuildLoan is the UK’s leading provider of specialist mortgages for this marketplace and can provide intermediaries and their clients with unrivaled expertise in this sector, along with a trusted first-class service.”
“We look forward to working together to provide lending solutions that help brokers and their clients in this growing market.”
Rachel Pyne, BuildLoan Operations Director added: “We’re delighted to welcome Vernon Building Society to our lender panel. These new products will strengthen our product offering and provide more choice and flexibility to mortgage brokers and their homebuilding clients.
View 2 Year Tracker Accelerator Product (SVR + 0.30%)
View 2 Year Discounted Variable Arrears Product (SVR – 0.46%)