New £1m mortgage from BuildLoan
BuildLoan has launched a £1m mortgage, as well as two other new products, in partnership with the Buckinghamshire Building Society.
The new additions are a positive reflection of the appetite for self-build loans by consumers.
The loans for up to 85 per cent of the client’s build costs alleviate cashflow issues by releasing the funds in stages as construction progresses. The payments are based on cost, which helps prevent the risk of stage releases being limited by a lender’s valuation.
In addition, the new range includes an advance stage loan which provides funds at the beginning of each stage of work.
The loans are interest-only for the initial two-year build period then convert to repayment.
Chris Martin, head of product development and underwriting at BuildLoan, said: “We are seeing more demand for higher value loans so the ability to lend up to £1 million is a great solution and will hopefully be well received by brokers.”
