"Public awareness of self-build is now at an all-time high"
The Society will now consider self-builders in England and Wales who are looking to construct a new-build property for residential purposes or convert an existing barn into a home. Self-builders will be able to borrow up to 65% LTV on the purchase of land, and up to 75% LTV of the final value of the property.
The two products will be available exclusively via BuildStore and include a 4.39% two-year discounted product and a 5.19% two-year fixed rate product, both with a 1,499 arrangement fee.
The products benefit from no lender booking fees, stage release fees or re-valuation fees, as well as no ERCs on the discount rate product.
Nikki Warren-Dean, Head of Intermediary Sales at The Nottingham, said: "Given the level of housing supply shortage we continue to face in the UK the self-build market is predicted to grow by around 3-6% annually over the next three years. In view of this, many people are likely to need help finding the right mortgage and I believe our new mortgage products will be very attractive.
By minimising upfront fees and offering competitively priced products we aim to help self-builders at a time when they have large outgoings."
Raymond Connor, Chief Executive of BuildStore Limited, added: "Public awareness of self-build is now at an all-time high. The Government’s continued support of the self-build market means that demand for tailored finance is continually on the rise and prospective self-builders are increasingly turning to specialists to secure the right type of funding for their bespoke home projects.
Our partnership with The Nottingham will enable more self-builders to access the tailored funding solutions required for a successful project and demonstrates the growing commitment of lenders to the self-build housing sector."
