According to the lender, its 'Spring Sale' includes a 1% discount off the mortgage rate currently on offer, and the fee is being cut in half from 2% to 1%.
Self-build mortgages are available from £30,000 up to £500,000, but applications of up to £1 million will be considered on a bespoke basis. Saffron will consider covering the full cost of the work subject to a maximum 75% of the gross development value. Payments will be released in stages that can be tailored to each individual project.
Anita Arch, Head of Mortgage Sales at Saffron, said: “Spring is traditionally the time when self-build projects get underway and we therefore thought a mortgage sale would be a welcome offer!
Our sale means that self-builders can borrow at variable rates starting from just 4.59% on an interest only or repayment basis, for a period of up to 2 years. With the fee also being cut in half to just 1%, I have no doubt this will prove to be popular with anyone thinking about building their dream home or converting or refurbishing an existing structure.
Once the build has been completed, borrowers can apply to switch to any of our other residential mortgage products available at the time.”
