BuildLoan has increased its range of self and custom-build mortgages with the launch of two products funded by Furness Building Society. 

The new deals offer loans up to £1m and up to five times the applicant’s income for those earning above £100,000.

Loans of up to five times household income are available to employed and self-employed applicants.

Funds for BuildLoan products are released in stages through the build, with stage releases being linked directly to the cost of each stage of work. 

There are no valuations during the build and each release of funds is pre-agreed during the mortgage application and detailed in the mortgage offer.  

The new range also includes the option of advance stage payments.

BuildLoan head of product development and lender relationships Chris Martin says: “These new products offer the same unique features as the rest of our self and custom build mortgages, along with increased borrowing capacity for higher earning self-employed and employed clients.”

Furness Building Society head of intermediaries Alasdair McDonald adds: “We’ve worked with BuildLoan to develop these products along with a flexible affordability approach to recognise that applicants with higher incomes will often have more disposable income.”