The ‘Stage Payment in Arrears’ product releases proportionate funding on stages of work after they are completed and the ‘Accelerator’ product releases funds in advance of the works being undertaken.
John Eastgate, sales and marketing director, OneSavings Bank, said: “As a specialist lender, we believe we have a role to play working with intermediaries in the self-build market. Our partnership with BuildLoan allows us to help increase the supply of accessible products that can be tailored to meet the needs of their clients.”
He said the product requires a unique, flexible and experienced approach to lending and our new range of self-build products reflect the different models of self-building, which will help boost financial support for this sector of the mortgage market.
Rachel Pyne, director, BuildLoan Mortgage Services, said, “As the Government continues to support the self-build market, demand for self-build finance remains high. With a restricted mortgage market, budding self-builders are increasingly turning to specialists to secure the right type of funding for their project and their circumstances.”