Furness Building Society has launched a range of self-build mortgages.

The new range is available exclusively through BuildLoan, with a selection of products offering mortgages up to £2m.

The self-build solutions include three Arrears Stage Payment and three Advance Stage Payment products, with loans ranging from £50,000 up to £2m to build their own home.

The discounted variable rates, which last for an initial two-year period, start from 5.64% with a maximum loan-to-value (LTV) of 80%.

Furness Building Society has also increased the loan-to-income (LTI) ratio for the new larger loan products from 5 to 5.5 times a borrower’s annual income.

All products in the range are available for purchase and remortgage in England, Scotland and Wales, and come with a £1,500 arrangement fee.

Furness Building Society head of member and broker strategy Jon Cartlidge says: “Our new self-build products, available through BuildLoan, offer our broker partners and their clients more options for building, renovating or converting their own homes – including borrowing more to make projects possible.”

“With our flexible, human-led approach to lending, we’ve also been able to increase the loan-to-income for our larger loan products. And because every application is assessed manually by our underwriters, we can consider clients with more complex income streams.”

BuildLoan head of product development Chris Martin adds: “We’ve designed these large loan products with Furness Building Society to provide brokers with more options for their self-build customers looking to build their extra-special home, whilst still benefitting from the package of Consumer Duty – focused benefits only available via BuildLoan.”

“The higher loan to income approach combined with a sensible affordability review makes greater levels of borrowing accessible to more homebuilders and renovators.”

In July, Furness Building Society announced it had cut selected fixed rate mortgages across its residential and landlord ranges.