Buckinghamshire Building Society has reduced rates on its self-build range – available via BuildLoan by up to 0.25%, plus increased its self-build maximum loan to £1m.
As part of the rate changes, its Self-Build Advance 2-year discount has been reduced from 6.59% to 6.49%.
In addition, the society’s Self-Build Arrears 2-year discount has been cut from 6.49% to 6.35%, and its Self-Build Advance No early repayment charge (ERC) 2-year discount has been cut from 6.79% to 6.54%.
The society also increased the maximum loan size to £1m from £500,000, with the product available on properties located across England & Wales.
Capital raising is acceptable and ERCs, plus other fees, may be applicable.
Each case will be assessed on an individual basis and manually underwritten.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, added: “With the increased focus by the new Government on building new homes, we anticipate steady growth in the self-build sector.
“By reducing rates, plus also doubling our maximum loan size, we hope that this enables more borrowers to achieve their home building dreams.
“We are also committed to increasing awareness of self-build in general to brokers and so are delighted to be holding a webinar with a few other societies on 14 August.”
Chris Martin, head of products at BuildLoan, said: “Affordability continues to be challenging for anyone looking to borrow to build their dream home.
“As well as lower rates to reduce monthly costs, these new BuildLoan-exclusive products from Buckinghamshire include our complete package of Consumer Duty solutions which mitigate the risks of poor outcomes and foreseeable harm by ensuring the project has been properly budgeted and the clients will get the money they need at the right time to complete their build successfully.”
