The change applies across Vernon Building Society’s self-build products and, according to the society, reflects its commitment to supporting customers with practical funding solutions throughout the build journey.
Highlights from the reduced rates include:
- BuildLoan 1.85% lifetime discount at 5.75%, 80% loan to value (LTV), fee £1,999, 2% early repayment charge (ERC) for one year.
- BuildLoan (accelerator) 1.66% lifetime discount at 5.94%, 80% LTV, fee £1,999, 2% ERC for one year.
- Mayflower large loan 1.76% lifetime discount at 5.84%, 70% LTV, fee 0.25%, 2% ERC for two years.
The society’s self-build mortgage range supports projects, including modern and non-standard construction, conversions, renovations and rebuilds.
The products offer stage-release funding of up to 85% per stage, with interest-only payments during the build, helping customers manage costs while work progresses.
The society also allows a portion of a borrower’s savings to be ring-fenced and included in affordability assessments, without needing to be spent upfront, which can help improve borrowing power on more complex projects.
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Brendan Crowshaw, head of mortgage and savings distribution, said: “Self-build projects are often highly individual and can be complex, so we’ve designed our lending to be as flexible and practical as possible. By reducing pricing across the range, we’re improving competitiveness while continuing to support customers with a personal, specialist approach that helps them bring their homebuilding plans to life.”
Earlier this month, the society launched free legals for remortgages.
