The deal allows lending of up to 80% of build costs at each stage, subject to a maximum final loan to value (LTV) of 80%.
Earned income will be considered for affordability up to the age of 75. Applications with outline planning permission in place to purchase land will be accepted.
The advanced stage payment structure is designed to release funds at the beginning of each stage of construction, providing borrowers with upfront cash flow.
The deal is only available through specialist distributor BuildLoan.
David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “Self-build is a key growth area for us, and we’re excited to be expanding our proposition with this advanced stage payment product. Access to funds at the right time is often the biggest challenge for self-builders, so this is an important step in giving them greater flexibility and confidence. Partnering with BuildLoan allows us to offer not only the right finance but also the right level of expertise, making it easier for intermediaries to support clients through the unique challenges of self-build.”
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
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Earlier this month, the society appointed Vanessa Hunt as its head of sales.
