Applications for the products are being administered through BuildLoan for borrowers embarking on either self- or custom-build projects.
Variable product rates of 4.04% and 4.34% for two years are currently available, which have completion fees of £1,999 and £899 respectively.
The maximum loan size is £500,000 and the products are available up to 85% LTV on land purchase and up to 75% LTV of the property’s final value once completed.
Valuation, legal and external fees are applicable and must be paid by the borrower.
These mortgages will revert to the West Brom’s standard variable rate after the initial two-year term.
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“While customer interest in self- and custom-build as a viable option for attaining home ownership is increasing, the market remains relatively underserved by lenders,” said James Wright, director of marketing and intermediary sales at the West Brom (pictured above).
“We are presenting competitive new opportunities for those who want the freedom to build a home that is exactly suited to their needs.
“Doing this in partnership with BuildLoan will deliver a better overall experience for intermediaries and their clients thanks to the extensive experience and detailed market knowledge [it has].”
Rachel Pyne, operations director at BuildLoan, added: “We’re delighted that the West Brom [has] introduced mortgages for self- and custom-build to their intermediary product offering.
“Intermediaries need greater choice to give clients the best possible solution for their homebuilding projects.
“BuildLoan’s partnership with the West Brom will enable more self- and custom-builders to access the tailored funding solutions required for a successful project.”