Harpenden Building Society has brought back two self-build mortgages.
The mutual says its standard self-build loan up to a maximum of loan to value of 70% repayment and interest only and its short-term self-build up to 70% LTV interest only, are exclusively available through Mayflower Mortgage & Finance.
Mayflower Mortgage & Finance works with brokers to source products for self-builds, renovations, conversions and commercial developments.
Product highlights include:
- 65% LTV for loans up to £1.5m in England and Wales
- 70% LTV for loans up to £999,999, where the building project is professionally managed
- Barn conversions available for new builds, knock down and rebuild, or for the purchase of land with planning permission
- New builds on owner-occupied land
- The firm will consider flexible construction types, subject to valuer comments
- Self-build retention releases are not linked to stages
- Refurbishments are permitted, such as converting a house that is currently divided into two flats, back into a single dwelling
- Up to a maximum of three properties can be built, one must be the subsequent main residence
- Switching to a standard residential rate is available once the build is complete
- And a short-term product option is available, with no early repayment charges after the first year
