It also reduces rates by up to 0.25%
Buckinghamshire Building Society has raised the maximum loan amount on its self-build products to £1 million, a significant increase from the previous limit of £500,000.
Alongside the increased loan size, Buckinghamshire Building Society has also reduced rates on several of its self-build products, available exclusively through self-build specialist BuildLoan.
The updated rates include a reduction on the Self-Build Advance two-year discount from 6.59% to 6.49%, the Self-Build Arrears two-year discount from 6.49% to 6.35%, and the Self-Build Advance No ERC two-year discount from 6.79% to 6.54%.
These products, the mutual said, are designed to support mortgage brokers and their clients by offering a package of Consumer Duty solutions aimed at preventing foreseeable harms. Key features include a professional review of expected build costs, stage releases without formal valuations or loan-to-value (LTV) limits during construction, and cashflow analysis to ensure financial stability throughout the project.
“Affordability continues to be challenging for anyone looking to borrow to build their dream home,” said Chris Martin (pictured left), head of products at BuildLoan.
“As well as lower rates to reduce monthly costs, these new BuildLoan-exclusive products from Buckinghamshire include our complete package of Consumer Duty solutions which mitigate the risks of poor outcomes and foreseeable harm by ensuring the project has been properly budgeted and the clients will get the money they need at the right time to complete their build successfully.”
Claire Askham (pictured right), head of mortgage sales at Buckinghamshire Building Society, added that growth in the self-build sector is anticipated with the increased focus by the new government on building new homes.
“We are also committed to increasing awareness of self-build in general to brokers and so are delighted to be holding a webinar with a few other societies on August 14,” she said. “By reducing rates, plus also doubling our maximum loan size, we hope that this enables more borrowers to achieve their home building dreams.”
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