The first product is a two-year variable discount self-build and renovation part built with an initial pay rate of 5.75 per cent, available on an arrears basis up to 60 per cent loan to value (LTV).
The deal comes with a non-refundable application fee of £299 and arrangement fee of £1,199. The latter is deducted from the loan on completion and there is also a valuation fee.
To qualify, the property should be at a minimum of wall plate level for self-build or full structural overhaul, which includes roofing and damp proof course, with respect to renovation and be covered by warranty provider.
There is also a trio of two-year variable discount self-build mortgages. The first has an initial pay rate of 5.99 per cent, available on an arrears basis up to 60 per cent LTV.
This deal has a non-refundable application fee of £299, an arrangement fee of £700 deducted from the loan on completion, and a valuation subject to property value.
Variable discount product
The next product is a two-year variable discount self-build mortgage with an initial rate of 6.19 per cent, available on an arrears basis up to 80 per cent LTV. It has a non-refundable application fee of £299, an arrangement fee of £649 subtracted from the loan on completion and a valuation fee subject to the property value.
The final product is a two-year partial fee-free variable discount self-build mortgage with an initial pay rate of 6.49 per cent, available on an arrears basis up to 80 per cent LTV. The product does have a valuation fee subject to property value and Buildout Indemnity Cover insurance applicable and paid for by the society.
The firm has also added a no-fee five-year fixed rate shared ownership product with a rate of 5.89 per cent which will allow borrowers to access the scheme for purchase or remortgage with only a five per cent deposit.
The above deals have a minimum loan size of £30,000 and loans over £500,000 will be considered on an individual basis by the underwriting team.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Self-build is slowly but steadily growing in stature as a variety of borrowers are looking for alternative ways to deliver carbon neutral homes, design aspirational homes or even in helping family members onto the property ladder.
“We have been supporting the construction and renovation of homes across the UK for well over a decade. This remains a key market for the society and one in which our experience and expertise can make a real difference for our intermediary partners and borrowers on their self-build journey.”
