Regional Building Society offers mortgages to self-builders
Darlington Building Society has announced it will begin to offer ‘self-build’ mortgages for the first time.
The Society is using BuildStore, a specialist self-build broker, to offer mortgages to both direct applicants and those referred by mortgage introducers.
Targeted at those who are restoring, or building from scratch with outline planning permission, the new discounted veritable rate package offers lending of 70% of the land costs, 70% of construction cost and up to a maximum final loan value of 70%.
David Dodd, Darlington Building Society Chief Executive, said: “We are responding to customer demand as, undoubtedly, the slow moving housing market has been a catalyst for an increase in interest from people building or renovating their own homes.
“Our self-build mortgages tap into a growing market niche and allow people to have a home designed and built to their bespoke requirements. We have deliberately priced our products competitively as this is a market we wish to actively support.”
Borrowers will benefit from a reduction of the society’s current standard variable interest rate until 31 October 2014, with a rate payable of 5.19%.
This was posted in Bdaily's Members' News section by Tom Keighley .