The new products offer loans of up to £1m and up to five times the applicant’s income for those earning above £100,000 for both employed and self-employed clients.
The new range also includes the option of advance stage payments, providing upfront funds at each stage of the build in order to make self- and custom-building options more accessible.
According to BuildLoan, there are no valuations during the build, with each release of funds is pre-agreed during the mortgage application and detailed in the mortgage offer with the goal of letting clients know exactly what money they will receive and when.
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Chris Martin, head of product development and lender relationships at BuildLoan, commented: “We know that many people who want more control in how they earn their living by running their own business also want more control over the home they live in.
“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.”
Alasdair McDonald, head of intermediaries at Furness Building Society, added: “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.
“We have a lot of experience lending to self-employed clients, which means that even with some uncertainty around interest rates, we can understand where it’s reasonable and responsible to lend that bit more to help the client to achieve their ambition of building their dream home.”