Hanley Economic Building Society has launched a new part-complete self-build product which is a 3.25 per cent two-year variable discount with a 60 per cent loan to value (LTV) and a maximum loan amount of £500,000.
The product does not have a minimum term and is penalty free.
It has been created following responses from customers, research at specialist self-build events and intermediary feedback.
The product differs from typical self-build offerings as it is aimed at borrowing for projects which are already underway.
Special product criteria includes that the property should be at a minimum of wall plate level for self-build or full structural overhaul including roofing and damp-proof course in respect of a renovation.
As well as this, the property needs to have an acceptable warranty in place – as per Hanley’s list of providers on its self-build lending guide – and a minimum of two stage releases need to be undertaken.
David Lownds, head of marketing and business development, said: “Our new part-complete self-build product has been carefully created to provide additional choice and flexibility for self-builders, and acts as a competitor to alternative solutions such as bridging finance.
“We believe this product will help fill an important gap for self-builders and provide them with a cost-effective solution to ensure they can finish their dream project.”
Loughborough BS releases shared ownership products
Loughborough Building Society has launched three shared ownership products for purchase or remortgage.
Included in the range are a two-year fix at 3.19 per cent, a three-year fix at 3.59 per cent and a five-year fix at 3.94 per cent.
Early repayment charges apply during the fixed rate period.
All the products are available at 95 per cent LTV for purchase or 90 per cent LTV for remortgage and come with no completion fees, free valuation and £250 cashback payable on completion.
Loughborough Building Society business development manager, Ashley Pearson, said: “We’ve seen significant growth in the shared ownership sector with more people seeing it as an affordable way to get onto the housing ladder.
“I am a huge advocate of shared ownership, having purchased my first property on the scheme. I’m thrilled to also be able to offer our first ever five-year fixed shared ownership product”.