The change aims to provide support for individuals and families venturing into the self-build journey
Beverley Building Society has updated its self-build mortgage proposition, unveiling a ‘Breaking Ground’ policy that allows lending on land with full planning permission.
The key highlights of the policy change include lending on land with a maximum 50% loan-to-value (LTV), with the LTV not exceeding 80% at any stage once the build has commenced. Additionally, a prerequisite for lending on land is that there must be at least 12 months remaining on the approved full planning permission.
Effective immediately, the revised policy aims to provide support for individuals and families venturing into the self-build journey. The updated self-build proposition, the lender said, recognises the uniqueness of each self-build project, aligning with the firm’s commitment to adapt and support this segment of the market.
Beverley Building Society said its team would be ready to offer support and guidance throughout the entire self-build process.
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