"At Saffron, our self-build mortgage is designed to embrace the unusual, traditional and modern methods of construction."
Products which will benefit from the fee reduction are:
• 75% LTV, covering 65% of the purchase price, 100% of the build costs and 75% max Gross Development Value,
• 80% LTV, covering 80% of purchase price, 80% of the build costs and 80% max Gross Development Value.
Saffron's self-build mortgages also apply to barn conversions, knock-down and rebuilds, loft or basement conversions, or large extensions.
In order for applications to be considered, Saffron requires full planning permission, detailed architectural drawings, alongside a schedule of works and costings.
John Penberthy-Smith, CCO of Saffron Building Society, said: “We are experts in providing mortgages for self-build/new build projects and we are delighted to make self-build developments even more affordable. While a self-build project might seem like a daunting undertaking, especially for first-time buyers, it can actually be a hugely rewarding way to get onto the property ladder, or update and grow your existing home.
“At Saffron, our self-build mortgage is designed to embrace the unusual, traditional and modern methods of construction. Our specialist team have a wealth of experience and don't have a 'tick box' approach to assessing projects. To help self-builders, the structure of the lending also is incredibly flexible, releasing funds at pre-set stages of the development to assist with cashflow meaning we could be the ideal partners to transform your self-build project dreams to a reality.”
