BuildLoan has launched two new self and custom build products with Furness Building Society to support self builders in the society’s North West England heartland area.

The new products offer local self and custom builders in the LA postcode area a rate 0.3% lower than the comparative products in the range, as well as a free valuation.

Funds are available on an advance or arrears stage payment basis, which BuildLoan suggested could help those choosing modern methods of construction, such as offsite manufactured timber systems. These construction systems can provide efficiencies in build times and quality as well as reducing the carbon impact of the client’s home, but often need a mortgage that provides more funds early in the build process.

One product is a two-year arrears stage payment discounted product with an initial pay rate of 3.65% and a product fee of £1,500. The other is a two-year advance stage payment discounted product with an initial pay rate of 3.99%, and product fee of £1,500.

“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,” commented BuildLoan head of product development and underwriting, Chris Martin.

Furness head of intermediary mortgages, Alasdair McDonald, added: “Supporting the self and custom build sector through our relationship with BuildLoan continues to be an integral part of our lending strategy as well as supporting members in our local area.

“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 great range of follow-on products available when the client’s build is complete.”

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