Saffron Building Society has announced that it will now offer self-builders a mortgage reduced from 4.45% to 4.20% (variable rate) for a limited period.
Saffron’s self-build mortgages are designed for anyone thinking about building their dream home or converting or refurbishing an existing structure. This new mortgage is ideal for clients wanting to start a project before the end of the year and benefit from a new lower rate.
The newly discounted product includes the following features:
• Every application is manually assessed by a specialist self-build underwriter
• Flexible stage payments; funds are released in stages that can be tailored to each individual project
• Available to first time buyers
• Up to five times income considered on applications, assessed on a case by case basis
• Custom-build developments are also accepted
The opportunity for Brokers has never been stronger in this sector. Self-build is growing in popularity with Ipsos MORI showing that one in seven people in the UK expect to look into building their own home, which equates to around 7 million home owners.
Colin Field, Saffron Building Society’s CEO said “We know there is growing demand for self-build homes and we want to support our brokers and their customers who are keen to go it alone on a building project. Many will have taken time off during the summer giving them head space to plan their dream ‘self build’ house project.
Our Autumn Sale will now help in that next step, getting the finances in place to make this dream become a reality.” Field added “A project like this may seem daunting to many but one of our specialist team will be pleased to help customers complete this important step in the process – helping to reduce the stress.”