Nottingham Building Society has launched into self-build by partnering with BuildStore, a supplier of support and services to self-builders.
The society will accept applications from self-builders in England and Wales who are looking to construct a new-build property for residential purposes or convert an existing barn into a home.
Self-builders will be able to borrow up to 65% LTV on the purchase of land and up to 75% LTV of the final value of the property, while products include a 2-year discount at 4.39% and a 2-year fix at 5.19% with a £1,499 arrangement fee.
Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “Given the level of housing supply shortage we continue to face in the UK the self-build market is predicted to grow by around 3-6% annually over the next three years.
“In view of this, many people are likely to need help finding the right mortgage and I believe our new mortgage products will be very attractive.
“By minimising upfront fees and offering competitively priced products we aim to help self-builders at a time when they have large outgoings.”
Raymond Connor, chief executive of Buildstore, said: “Public awareness of self-build is now at an all-time high.
“The government’s continued support of the self-build market means that demand for tailored finance is continually on the rise and prospective self-builders are increasingly turning to specialists to secure the right type of funding for their bespoke home projects.
“Our partnership with The Nottingham will enable more self-builders to access the tailored funding solutions required for a successful project and demonstrates the growing commitment of lenders to the self-build housing sector.”
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