Self-build specialist lender BuildLoan has brought a new product on the market, funded by Stafford Railway Building Society.

Available at up to 85 per cent of project costs and up to 75 per cent of the value of the completed property, it has a pay rate of 3.59 per cent for two years. It is available for loans of up to £600,000.

Additionally, the new product provides guaranteed stage payments during the build base on costs and irrespective of valuations.

BuildLoan head of product development and underwriting Chris Martin says: “We know that many self-builders want a mortgage product with a competitive rate during the build period and the flexibility to review their mortgage product as soon as they have completed their build.”

And Stafford Railway Building Society head of product strategy and communications Rob Hassell comments: “We have identified a gap in the market for a low rate, ERC- free product for self-builders and have designed this product with BuildLoan to help even more self-builders finance their dream home.”