Exciting new self build mortgage launched

Published: June 03, 2008

Self build specialist BuildLoan and lender The Mortgage Business announced today the launch of an exciting new Self Certification Lifetime Tracker mortgage for self build and renovations. The new products will provide advance stage payment lending up to £500,000. Previously the max loan was capped at £350,000 for those with a mortgage and £300,000 for first time buyers.

The mortgage will track the bank base rate at +2.44% for life with the current pay rate being 7.44%. The product will have a 1% early repayment charge during the first three years and a lender arrangement fee of £995 for loans up to £350,000 and £1995 for loans between £350,000 and £500,000.

The maximum loan available for First Time Buyers will remain capped at £300,000.

Jerry Figueroa-Lee, Operations Director of The Mortgage Warehouse commented:

“We have seen a growing number of enquiries over the past three months, for self build mortgages over £350,000 and with the need for advance stage payments. This product will open up the self certification market for those previously restricted, with the added benefit of availability in Scotland as well as England, Wales and Northern Ireland.”