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Principality adds discount holiday let products; H&R launches self-build mortgage – round up

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  • 06/09/2019
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Principality Building Society has introduced four discount holiday let products into its range.

 

They include two- and five-year mortgages at 60 per cent loan to value (LTV), up to £750,000, from 2.45 per cent. 

Additionally, there are two- and five-year rates, at 75 per cent LTV, up to £500,000, at 3 per cent.

All four products offer free standard valuation and legals and no product or commitment fees. 

Helen Lewis, Principality Building Society national account manager, said: “The introduction of discount holiday let products can potentially enable customers to benefit from the preferential rate while tracking our standard variable rate.

“We believe this supports our broker partners in offering products that suit their clients’ requirements.” 

 

Hinckley and Rugby partners with BuildLoan for self-build mortgage 

Mortgage intermediaries with self-build clients can now access a new product from Hinckley and Rugby Building Society through BuildLoan. 

The high LTV mortgage is a two-year discount product charging an initial rate of 4.99 per cent. 

The money will be advanced in five stages, with Hinckley and Rugby lending up to 85 per cent of the value of the land purchased and then up to 85 per cent of the cost of the build.

The maximum LTV of the completed home is 75 per cent. 

The partnership intends to bring the society’s experience from six years of self-build lending to a wider field of intermediaries and their clients. 

Hinckley and Rugby head of sales and marketing Carolyn Thornley-Yates said: “Partnering with BuildLoan will enable us to better serve the intermediaries advising the growing number of self-builders, many of whom need higher LTV borrowing to create the home they desire.” 

Raymond Connor, BuildLoan CEO, added: “I am delighted that Hinckley and Rugby Building Society has joined our lender panel with the launch of a new mortgage product for self-build. Notwithstanding the current political unrest, the self- and custom-build sector is growing and we believe 2020 will see unprecedented demand.” 

Hinckley and Rugby’s mortgage has an application fee of £199 and a completion fee of £800. Stage payments are in arrears. There are valuation fees and early repayment charges of two per cent in both years. 

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