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Saffron for Intermediaries has redesigned its self-build mortgage product to make it easier for borrowers to manage their cash-flow during the build.
The new interest-only mortgage, enables borrowers to access a discounted mortgage rate with the option to remortgage to another Saffron product at the end of the two years.
Borrowers can draw-down funds as required and are no longer restricted by inflexible stage payments. Saffron will also accept applications from first-time buyers.
The rate is 4.20% for two years with a 1.19% discount from the 5.39% standard variable rate. Saffron can lend up to 65% of the purchase price of the plot and 100% of the build costs. There is a maximum of 75% of the gross development value. There is a 1% arrangement fee and the maximum loan is £1 million.
Aaron Strutt, director at Trinity Specialist Finance, says: “Many of the biggest banks and building societies are not offering self-build mortgages, and most lenders and not very flexible with it comes to the flexibility of the drawdown funds.
“Saffron will potentially lend to younger or first-time buyers/borrowers who have been given or purchased a plot of land.”
Call Trinity Specialist Financial on 020 7016 6151 to secure a self-build mortgage.
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