Melton Building Society has removed early repayment charges (ERCs) from its self-build product range, starting from Thursday 2nd January.
The changes were introduced to improve customer experience, in response to feedback from brokers and customers.
The main changes include the removal of ERCs across the entire self build product range and the removal of reinspection fees, simplifying the process for customers.
Products in the range are available for self-build, custom-build, renovation, and conversion projects.
The funds can also be used to purchase land and cover build costs, subject to full planning permission.
Melton Building Society is offering lower interest products for those building energy-efficient homes and will lend on an interest-only basis to keep payments low during the build period.
Dan Atkinson, head of intermediaries at Melton Building Society, said: “We value feedback provided to us from both brokers and customers.
“We actively seek their opinions to understand feelings towards our products, criteria, system, people and processes to understand where we can make improvements.
“We are introducing these changes as a direct result of that feedback.”
Atkinson added: “We are evolving our product range to provide self build products better suited to the needs of today’s borrower.
“We hope that these changes will enable those building or converting their dream home to access funding in a timely manner and reduce the stress of financing their build.”
