The Mansfield has teamed up with BuildStore to provide self build mortgages with higher lending percentages to serve this growing market. The new scheme, available exclusively through BuildStore, will lend on self build projects from Outline Planning Permission stage, and can offer borrowing of up to 75% of the cost of the land, and 75% of the construction costs, up to a maximum final loan to value (LTV) of 75%.
Already, thousands of people embark on a homebuilding project every year, but with the Government pledging to support and grow the sector, those numbers are set to increase.
Undoubtedly, some budding homebuilders struggle to secure the finance they need, but with lenders, including The Mansfield, recognising the significance of self build housing in the new housing landscape, the availability of self build finance is improving.
Pete Doherty, product manager at the society, commented: "As a society committed to mutuality, the Mansfield offers a personal service and a wide choice of financial and mortgage products to satisfy the needs of all our customers, whether they are buying a new home, or building one.
“We recognise that self build is an increasingly attractive proposition for people, particularly in this climate, and with the new Government policy and regulations, it will have wider appeal. Working with BuildStore, we are pleased to be able to lend our support to help people build their own homes, which will also be a boost to local economies.”
BuildStore’s director of financial services, Rachel Pyne, added: “As the Government continues to implement its self build policy and change regulations to support the self build market, demand for self build finance remains high. With a restricted mortgage market, budding self builders are increasingly turning to specialists to secure the right type of funding for their project and their circumstances.
“Our new partnership with the Mansfield is significant, as it enables more self builders to access tailored funding solutions for their projects, and demonstrates the growing commitment of lenders to the self build housing sector.”
