The Nottingham is working in partnership with self-build experts BuildStore Limited to offer two new mortgage products from today (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% LTV on the purchase of land, and up to 75% LTV of the final value of the property.
The two products will be available exclusively via BuildStore and include:
• A 4.39% two-year discounted product
• A 5.19% two-year fixed rate product
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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% 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.”