Vernon Building Society launches new self-build products with BuildLoan

Vernon Building Society has launched two exclusive mortgage products for self- and custom-build with BuildLoan.

The products are a two-year tracker accelerator mortgage with an initial rate of 5.5% and a two-year discount rate arrears mortgage with an initial rate of 4.74%.

Both products have guaranteed stage payments based on cost and no requirement for interim valuations during the build.

Clients can borrow up to 85% on their land and build costs, with a maximum final LTV of 80% with both products.

The products will look to support intermediaries and their homebuilding clients.

Tom Gurrie, head of intermediary sales at Vernon Building Society, said self- and custom-build was a highly specialised, but important part of a diverse housing market.

“BuildLoan is the UK’s leading provider of specialist mortgages for this marketplace and can provide intermediaries and their clients with unrivalled expertise in this sector, along with a trusted first-class service.

“We look forward to working together to provide lending solutions that help brokers and their clients in this growing market.”

Rachel Pyne, operations director at BuildLoan, added: “We’re delighted to welcome Vernon Building Society to our lender panel.

“These new products will strengthen our product offering and provide more choice and flexibility to mortgage brokers and their homebuilding clients.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment