Hanley Economic Building Society has announced the launch of a new suite of self-build products, catering to the growing interest in self-build and renovation projects.
The first product in this suite is a 2-year variable discount self-build/renovation mortgage with an initial pay rate of 5.75%, available up to 60% loan-to-value (LTV).
It includes a £299 non-refundable application fee, a £1,199 arrangement fee deducted at completion, and a valuation fee based on property value.
To be eligible for this mortgage, the property must be at least at wall plate level for self-builds or undergoing a full structural overhaul for renovations, and must be covered by an approved warranty provider.
The Society also introduces three 2-year variable discount self-build mortgages. The first offers an initial pay rate of 5.99% up to 60% LTV, with a £299 application fee and a £700 arrangement fee.
The second mortgage, aimed at higher LTVs, has an initial rate of 6.19% up to 80% LTV, with a £299 application fee and a £649 arrangement fee.
The final option is a partial fee-free mortgage at a 6.49% initial rate up to 80% LTV, with no application or arrangement fees and Buildout Indemnity Cover insurance provided by the Society.
As part of a dedicated self-build campaign, Hanley Economic Building Society plans to exhibit at 11 self-build events over the next 12 months to engage more closely with self-builders and support intermediaries with self-build clients.
Additionally, the Society has expanded its shared ownership product range with a no-fee, 5-year fixed rate shared ownership mortgage at 5.89%. This product supports house purchases or remortgages through the shared ownership scheme with only a 5% deposit, and includes a free valuation.
David Lownds, head of products and marketing at Hanley Economic Building Society, commented on the launch: “Self-build is slowly but steadily growing in stature as a variety of borrowers are looking for alternative ways to deliver carbon neutral homes, design aspirational homes or even in helping family members onto the property ladder.
“We have been supporting the construction and renovation of homes across the UK for well over a decade.
“This remains a key market for the Society and one in which our experience and expertise can make a real difference for our intermediary partners and borrowers on their self-build journey.”
