Specialist packager Mayflower for Brokers has launched a new self-build mortgage product.

This product is available for loans between £1m and £3m, and can be used for a variety of self-build projects, including barn conversions, new builds, refurbs or the purchase of land with planning permission.

The mortgage charges a rate of 5.39% at 75% LTV, and 5.79% at 80% LTV. There is a lender’s product fee equivalent to 0.5% of the loan. The mortgage does not have redemption penalties and can be available as an interest-only loan.

Mayflower for Brokers specialises in self-build and development loans. This packaging division, which was set up last year aims to help brokers and their clients understand project budgets, and offers project feasibility assessments,  build costings and cashflow forecasting for clients, as well as helping brokers source an appropriate lending products.

This large self-build mortgage mortgage is only available via Mayflower, and brokers receive a 0.5% procuration fee.