Saffron Building Society has launched a number of self-build products as part of its summer campaign.

At up to 75% LTV, the two-year fixed discount for up to £1m now has an initial rate of 3.79%, and at up to 80% LTV, the initial rate now comes in at 3.99%.

At up to 75% LTV for large loans – those between £1m and £2m – the initial rate for a two-year fixed discount is 4.49%, and the 80% LTV flavour, 4.69%.

The lender says these discounts have been made “to absorb the standard variable rate increase forced by the recent base rate rise.”

These self-build products also charge no application fee, which is usually £300, while the product fee has been cut from 1% to 0.5%.

Saffron Building Society head of mortgage sales Tony Hall says: “I am delighted to launch this summer of deals with the most significant saving ever seen on self-build mortgages. By absorbing the SVR increase through reducing the rates we are offering the two-year fixed rate at a discount throughout the summer, presenting a longer term saving for the borrower.

“Combine that with a discounted product fee and an upfront saving by removing the application fee, it has never been a better time for self-build dreamers to swap the sun hat for the hard hat.

“We are ready to support brokers and will provide plenty of information in the coming days, on our website and across our social media channels in the coming days and weeks.”