The two-year variable deal, currently at 6.19%, will release funds in five stages as the build progresses from purchasing the land to completion, lending up to 75% of the value of each stage.
Leeds Building Society will lend up to 60% of the value of the land with outline planning permission and 75% with full planning consent.
The stages are broken down into Land Purchase, Wall Plate, Roofed In, Plastered Out and Completed. Borrowers only repay the amount they have borrowed and can access funds at each stage of the build.
There are no higher lending charges and a fixed fee of £999.
Paul Kaye, general manager at Leeds Building Society, says: “Funds are released following an inspection by a qualified surveyor or valuer and sent electronically. Consequently, borrowers receive the money quickly when required and they do not pay any interest until they have received the funds.”
