Harpenden Building Society has reintroduced its self-build mortgage range, featuring a new standard term, exclusively available through Mayflower Mortgage and Finance. The revamped range offers various options to cater to customers’ diverse needs.
Loans with a loan-to-value (LTV) ratio of up to 65% are available for amounts up to £1.5m across England and Wales. The LTV goes up to 70% for loans up to £999,999. The mortgage range applies to different types of projects, such as barn conversions, new builds, knockdown and rebuilds, or the purchase of land with planning permission.
The self-build mortgage range also accommodates new builds on owner-occupied land and flexible construction types, subject to valuer comments. Self-build retention releases are not linked to stages, and refurbishments, like converting a house divided into two flats back into a single dwelling, are also considered.
The range allows for up to a maximum of three properties being built, with one intended as the subsequent main residence. Customers have the option to switch to a standard residential rate once the build is complete. Additionally, a short-term product option is available, with no early repayment charges after the first year.
Mike Pawley, director of Mayflower Mortgage and Finance, said: “We’re really excited to be working with Harpenden BS on the relaunch of the self-build proposition.
“The Harpenden have tailored their product to have some unique features not found in any other self-build lenders policy.”
The relaunched self-build mortgage range aims to provide more flexibility and options for customers looking to finance their construction projects.
