You are here: Home - News -

Furness BS launches self-build mortgage

  • 18/07/2017
  • 0
Furness BS launches self-build mortgage
Furness Building Society in partnership with Build Loan is offering self-builders an advance stage payment mortgage priced at 4.99% for two years.

The product will allow intermediaries to offer clients a way to manage cashflow during their self-build project. Furness has also enhanced its lending criteria and product features as part of this launch.

The advanced stage payments are 80% loan-to-value based on the land purchase price, 85% loan-to-cost for the intermediary stages of the build and 80% LTV of the completion value. Money can be released at six points; land purchase, foundations, wallplate/timber frame, wind and watertight, first fix, second fix and completion.

The minimum loan is £50,000 and the maximum loan is £500,000 with early repayment charges of 2% for two years. Borrowers can choose interest only for the build period which is a maximum of two years.

Euan Ballantyne, head of products at Furness, said: “We believe our products are competitively priced and have no doubt that, by working together with BuildLoan, we can provide intermediaries with an exclusive mortgage solution designed specifically for clients who are building their own home, or converting or renovating an existing property.

“We have seven years’ experience in this specialist market and believe that by offering advanced stage payments we can help self-builders with their cash flow, thereby making the homebuilding process quicker and easier for them.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • Jo Wilson from Legal & General Home Finance talks about her Best BDM nomination and her love for the equity release…
  • Sponsored content: Four reasons your client wants a product transfer by Halifax Intermediaries…
  • Nationwide trims rates as Accord ups cashback on buy-to-let deals -

Read previous post:
for sale signs
London and SE house prices slip again amid nationwide rises – ONS

Average house prices in the UK increased by 4.7% in the year to May taking the average property value in...