Mortgages plc’s product range is also available to self-builders on a self-certification basis up to 85 per cent loan-to-value (LTV) and on a full status basis up to 95 per cent LTV. Funds will be released in four phases (25 per cent at each stage): after construction to first floor level; roof completed; property weatherproofed; and final completion of the development. Most of Mortgages plc’s non-conforming products are available on a self-build basis with no additional loadings.
Pete Thomson, sales director at Mortgages plc, said: "The self-build sector is growing strongly, with about 20,000 self-build projects started each year. Believe it or not, one in eight new homes and one in four detached homes are self-build. Collectively, self-builders are Britain’s biggest house builders.
"We believe the right approach to this market is to open up our product range to self-builders rather than produce bespoke products. All our normal criteria apply, including self-cert and our popular affordability calculation. The only difference is that funds are released on a staged basis."
