The products offer local self and custom builders in the LA postcode area a rate which is 0.3 per cent lower than the comparative products in the range as well as a free valuation.
The two products offer a two-year arrears stage payment, discounted with an initial pay rate of 3.65 per cent and a product fee of £1,500 and a two year advance stage payment discounted, with an initial pay rate of 3.99 per cent and a product fee of £1,500.
Chris Martin, head of product development and underwriting at Buildloan, said: “These new products offer great features including guaranteed stage payments being agreed as part of the application to give clients the peace of mind they really need that funds will be available at the right time.”
Alasdair McDonald, head of intermediary mortgages at Furness Building Society, added: “Supporting the self- and custom- build sector through our relationship with Buildloan continues to be an integral part of our lending strategy.
“We’ve designed these products with Buildloan to offer features that meet self-builders’ specific needs – funds available when needed during the build, the flexibility of no ERCs and a range of follow-on products available when the client’s build is complete.”
Funds are available on an advance or arrears stage payment basis offering even more cashflow benefits, particularly to those choosing modern methods of construction like offsite manufactured timber systems.
There are no early repayment charges and a £1,500 completion fee applies to each product.
Furness self-build products are available exclusively through Buildloan and borrowers benefit from guaranteed stage payments throughout the build which are directly linked to the cost of each element of their project, rather than site value.
