Hanley Economic Building Society has designed a new mortgage product for self-build clients looking to construct a second home.
The “build for second home” mortgage is for properties to be used as holiday or weekend retreats or as homes for retirement. It does not apply for rental properties.
The product offers a 3.99 per cent two-year variable discount rate at 60 per cent loan to value. The maximum loan amount is £500,000 and product fee, £998.
Stage releases in arrears will correspond with identifiable stages of the build.
The new offer follows Hanley’s introduction of a part-complete self-build product, which aimed to provide borrowing for projects already underway.
“Identifying and addressing niches in the self-build market is a real strength of the business,” said David Lownds (pictured), head of marketing and business development at Hanley BS.
“This particular product will work well for clients looking to self-build a property to be used for a holiday or weekend retreat or a long-term retirement home,” Lownds added.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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