Mortgages

Saffron enhances self-build proposition

The Society has developed a higher-LTV option for self-builders who have less money up front to start their development.

Rozi Jones
|
9th April 2019
new build house
"We have a team of specialist underwriters who have detailed knowledge of self-build projects and will apply this to each application"

Saffron Building Society has enhanced its self-build mortgage range in response to broker feedback.

The Society has made its product range more flexible and will now accept mortgage applications with only outline plans instead of when full planning approval is in place.

It has also developed a higher-LTV option for self-builders who have less money up front to start their development.

The range now includes a rate of 3.99% up to 65% of the purchase price, 100% of the build costs and a maximum of 75% of the gross development value.

A 4.19% rate is available up to 80% of the purchase price, 80% of the build costs and a maximum of 80% of the gross development value.

Anita Arch, Saffron’s head of mortgage sales, commented: “It’s not just our mortgages that set us apart. Our aim to provide unrivalled support along the way is just as important as providing helpful products.

"We have a team of specialist underwriters who have detailed knowledge of self-build projects and will apply this to each application which will be manually checked. They will take time to review the details and attempt to do all they can to provide the funds your customers need for their new home.”

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