BuildLoan has teamed up with Newcastle Building Society to launch a new range of self and custom-build products.

The new offering will provide self and custom builders up to 90% of their land and build costs, to help reduce the amount of cash a client needs to put into their build.

The products will offer up to 90% of the project costs for loans up to £500,000.

For larger mortgages, 85% of build costs will be available for loans to £750,000 and 80% of costs for loans up to £1m.

BuildLoan head of product development and underwriting Chris Martin, says: “These new products make building your own home a genuine option even for those with not much more than 10% of their total costs, particularly if they choose a custom build site where much of the planning and design fees are taken care of by the developer.”

“We know that not having cash when they need it during the build is one of the biggest worries for self-builders. So all of our products have the unique promise of guaranteed funds at each stage of the build, with no valuations while the house is being built,” Martin explains. 

Newcastle Building Society head of intermediary mortgages Franco di Pietro explains: “We know one of the barriers to self-build is having sufficient cash to cover land and build costs on top of planning and architects’ fees. So we’ve worked closely with BuildLoan to create a range of products which make designing and building your own home more accessible.”

“As well as offering loans up to £1m as standard and up to 90% of the value of the completed property, the range includes fee-free and ERC-free options, giving brokers and their clients even more choice,” Pietro adds.