The lender’s two-year discount deal for self-build advance has fallen from 6.59% to 6.49%, while its no early repayment charge (ERC) version has fallen from 6.79% to 6.54%.
The self-build arrears two-year discount has fallen from 6.49% to 6.35%.
The maximum loan size has doubled from £500,000 to £1m and is available on properties in England and Wales.
Capital raising is acceptable and ERCs, along with other fees, may be applicable.
The firm said that each case will be assessed on an individual basis and manually underwritten.
The products have been designed with BuildLoan to offer a “package of Consumer Duty solutions to support brokers in delivering great outcomes to their clients and avoiding foreseeable harms”.
This covers a professional review of expected build costs for each application, stage releases agreed with no formal valuations of loan-to-value (LTV) limits and cash flow analysis for each client.
Chris Martin, head of products at BuildLoan, said: “Affordability continues to be challenging for anyone looking to borrow to build their dream home. As well as lower rates to reduce monthly costs, these new BuildLoan-exclusive products from Buckinghamshire include our complete package of Consumer Duty solutions, which mitigate the risks of poor outcomes and foreseeable harm by ensuring the project has been properly budgeted and the clients will get the money they need at the right time to complete their build successfully.”
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, added: “With the increased focus by the new government on building new homes, we anticipate steady growth in the self-build sector.
“By reducing rates, plus also doubling our maximum loan size, we hope that this enables more borrowers to achieve their homebuilding dreams.”
Askham said it would be hosting a webinar, along with several other building societies, about self-build to boost awareness of it.
