BuildLoan is delighted to announce the addition of The West Brom Building Society to its intermediary lender panel, with the launch of two new mortgage products for self or custom build projects.
Variable product rates of 4.29% and 4.59% for two years are currently available, which have completion fees of £1,999 and £899 respectively, and the maximum loan size is £500,000.
Customers can borrow up to 85% loan to value (LTV) on land purchase with up to 80% (LTV) on build costs and up to 75% LTV of the property’s final value once completed. Both products are arrears stage payment mortgages and are available in England and Wales for self and custom build projects.
Valuation, legal and external fees are applicable and must be paid for by the customer. Mortgages revert to the West Brom’s standard variable rate after the initial two year term.
James Wright, the West Brom’s Director of Marketing and Intermediary Sales, said: “While customer interest in self and custom build as a viable option for attaining homeownership is increasing, the market remains relatively underserved by lenders. We are presenting competitive new opportunities via intermediaries for those clients who want the freedom to build a home that is exactly suited to their needs.
Rachel Pyne, BuildLoan Operations Director added “We’re delighted that the West Brom have introduced mortgages for self and custom build to their intermediary product offering. Intermediaries need greater choice to give clients the best possible solution for their homebuilding projects. BuildLoan’s partnership with the West Brom will enable more self and custom builders to access the tailored funding solutions required for a successful project.”
For full details of the new products click below: