Enable’s mortgage brokers in Bishop’s Stortford know that many are drawn to the self-build dream. It is easy to fantasise about planning and building yourself your dream home but who is really up for it? If you are Saffron Building Society has launched two new large loan self-build products that can maybe deliver the mortgage to service your self-build dream.
Recently, the Government launched a new ‘Help to Build’ low deposit mortgage scheme, supported by £150 million in funding. This is to encourage and support more people to people build their own homes.
In response, Saffron has made two large loan products available for projects between £1m and £2m in addition to the current self-build mortgages offered by the mutual. Product one offers 65% of the purchase price and 100% of build costs with a 75% max Gross Development Value at a two-year discounted rate of 4.49%. The second product is 80% of the purchase price, 80% of build costs with an 80% max Gross Development Value at a 4.69% discounted rate. Saffron say they will be accepting custom build and first-time buyers covering a variety of scenarios and the products are free from ERCs.
“We are delighted to be announcing these two new self-build products to intermediaries and that we are able to further support them, and their clients, with large self-build aspirations. Our award-winning self-build products have always been a significant part of our offering as a society, so this is the natural next step. Said Tony Hall, interim head of mortgage sales at Saffron.
Enable’s mortgage brokers in Bishop’s Stortford know that the product criteria will appear quite dissimilar to that of a typical mortgage product. But if you are up for building your own home you will surely be up for understanding the self-build mortgage process and embracing it. Wit is exciting to hear that real interest in building our own homes in the UK continues to be on the up.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage