The products offer local self and custom-builders in the LA postcode area a rate that is 0.3% lower than comparative products in the range, and a free valuation.

The two products are a 2-year arrears stage payment discounted product, with an initial pay rate of 3.65% and a product fee of £1,500, and a 2-year advance stage payment discounted product, with an initial pay rate of 3.99% and a product fee of £1,500.

There are no early repayment charges (ERCs) and a £1,500 completion fee applies to each product.

Chris Martin, head of product development and underwriting at BuildLoan, said: “These new products offer great features including guaranteed stage payments being agreed as part of the application to give clients the peace of mind they really need that funds will be available at the right time.”

Alasdair McDonald, head of intermediary mortgages at Furness Building Society, added: “Supporting the self and custom build sector through our relationship with BuildLoan continues to be an integral part of our lending strategy as well as supporting members in our local area.

“We’ve designed these products with BuildLoan to offer features that meet self builders’ specific needs – funds available when needed during the build, the flexibility of no ERCs and a great range of follow-on products available when the client’s build is complete.”