The Nottingham is working in partnership with self-build experts BuildStore Limited to offer two new mortgage products from 14 March.
The Society will consider self-builders in England and Wales who are looking to construct a new-build property for residential purposes or convert an existing barn into a home. Self-builders will be able to borrow up to 65 per cent LTV on the purchase of land, and up to 75 per cent LTV of the final value of the property.
The two products will be available exclusively via BuildStore and include:
- A 4.39 per cent two-year discounted product
- A 5.19 per cent two-year fixed rate product
The products benefit from:
- No lender booking fees
- No lender stage release fees
- No lender re-valuation fees
- No Early Repayment Charges (ERC) on the discount rate product
- £1,499 lender arrangement fee
Nikki Warren-Dean, Head of Intermediary Sales at The Nottingham, said:
“Given the level of housing supply shortage we continue to face in the UK the self-build market is predicted to grow by around 3-6 per cent annually over the next three years. In view of this, many people are likely to need help finding the right mortgage and I believe our new mortgage products will be very attractive.
“By minimising upfront fees and offering competitively priced products we aim to help self-builders at a time when they have large outgoings.”
Raymond Connor, Chief Executive of BuildStore Limited, said:
“Public awareness of self-build is now at an all-time high. The Government’s continued support of the self-build market means that demand for tailored finance is continually on the rise and prospective self-builders are increasingly turning to specialists to secure the right type of funding for their bespoke home projects.
“Our partnership with The Nottingham will enable more self-builders to access the tailored funding solutions required for a successful project and demonstrates the growing commitment of lenders to the self-build housing sector.”