Buckinghamshire Building Society has slashed rates on its self-build mortgages by up to 0.25% and doubled the maximum loan size to £1 million.
This is fantastic news for anyone dreaming of building their own home, as it could make your aspirations much more affordable. The move comes at a time when the government is pushing for more new homes, and self-builds are seen as a vital part of this drive.
What’s Changed?
The building society has teamed up with self-build specialist BuildLoan to offer these improved deals:
Self Build Advance (Two-Year Discounted Rate):
- Was: 6.59%
- Now: 6.49%
Self Build Arrears (Two-Year Discounted Rate):
- Was: 6.49%
- Now: 6.35%
Self Build Advance (No Early Repayment Charges, Two-Year Discounted Rate):
- Was: 6.79%
- Now: 6.55%
All these mortgages are available for properties in England and Wales and are assessed on a case-by-case basis.
More Than Just Lower Rates
The real benefit of these deals lies in the peace of mind they offer:
- Expert Cost Review: BuildLoan will carefully assess your build costs to avoid the nightmare scenario of running out of money mid-project.
- Staged Payments: Funds are released in stages as your build progresses, ensuring you have the cash you need, when you need it.
- No Valuation or Loan-to-Value Limits: You won’t be hit with unexpected surprises during the construction phase.
- Cashflow Analysis: You’ll receive a detailed breakdown of your project costs, staged payments, and available funds, giving you a clear picture of your finances throughout the build.
A Boost for Self-Builders
Claire Askham, Head of Mortgages at Buckinghamshire Building Society, believes this move will empower more people to build their dream homes. With the government’s focus on new housing, she expects the self-build sector to thrive.
Chris Martin, Head of Products at BuildLoan, highlights the importance of affordability in these challenging times. He believes the combination of lower rates and comprehensive support offered by these new products will give self-builders the financial security and confidence they need to bring their visions to life.