Housing minister Grant Shapps pledged his support to the sector earlier this month when he wrote to the CEOs of Britain’s mortgage lenders urging them to embrace the opportunities offered by self build.
Other recent measures set out by the minister include exclusive access to a £30m self build fund and the release of government-owned land.
Through BuildStore self-builders can borrow up to 75% of the cost of the land and the build at a rate of 5.25% for two years reverting to SVR (currently 4.99%) for the remainder of the term.
Raymond Connor, founder and chief executive of BuildStore Financial Services, said: “We warmly welcome the addition of Loughborough to our lending panel and applaud its innovative approach in seizing the opportunity that the self build market offers.
“From self builders’ point of view, the net result of our partnership with Loughborough is enhanced product choice and support in providing positive cash-flow at every stage of the build, which is critical to anyone undertaking a bespoke build project.”
The Loughborough’s chief executive Gary Brebner added: “Working with BuildStore to engage with self builders fits perfectly with the society’s values as a customer-focussed mutual. We fully support the government’s commitment to self build as a viable route to sustainable housing in addition to the boost in local employment that it can provide.”
