The Melton Building Society has reduced rates by up to 50 basis points on its standard, eco and short-term self-build mortgages. 

Rates now start at 3.49 per cent for a three-year discounted variable standard self-build product at up to 50 per cent loan-to-value, with a £500 fee.

Eco self-build products are available at a three-year discount variable rate of 3.79 per cent up to 75 per cent LTV, also with a £500 fee.

Both short-term and standard self build products at 75 per cent LTV are available for a three-year discounted variable rate of 3.79 per cent with a £500 fee.

Melton head of sales and marketing Dan Atkinson says: “Self-build plays a key role in increasing housing supply and we are committed to making this type of finance more accessible.”

“Self build mortgages can seem a little daunting, however, the Melton’s flexible criteria and attention to customers’ specific circumstances means we are able to consider individual cases carefully and support both brokers and clients through the process.

“We lend on a range of construction methods, including Modern Methods of Construction properties, which gives self builders more flexibility with their build projects.  

“We are also one of just a few lenders who will lend to purchase the land with outline planning permission and we offer an interest only option to make the project more affordable during the build.”