North East mutual Darlington Building Society has joined BuildStore’s lending panel, offering borrowers finance for self build, renovation and conversion projects from Outline Planning Permission (OPP) stage.
It will offer up to 80% of the cost of the land, 80% of the cost of each construction stage and up to a maximum final LTV of 78%.
Rachel Pyne, director of financial services at BuildStore (pictured), said: “It is encouraging to see our mortgage completion levels increase and with more lenders, including Darlington Building Society, now recognising the significance of the self-build market, the availability of self-build finance is improving.”
She added: “Supporting self build is a good fit for building societies culturally and the profitable margins and low-risk characteristics of self-build lending also make it a good fit commercially. We are pleased to be working with the Darlington to help us meet the rising demand for specialist finance in this market.”
Darren Ditchburn, sales officer at the Darlington, said: “We recognise that, in the current climate, it is still difficult for many people to get the house they want or need and that self build is a viable and popular way to get affordable, sustainable, innovative and custom-designed homes.
“We are delighted to be expanding our business into the self-build and renovation market, and to offer our exclusive mortgages to new and existing customers, at such a crucial time for the sector.”
