Harpenden Building Society has announced that it has revamped its self-build mortgage products following heightened demand.
According to the society, rates now start at 3.69% - for loans £75,000 - £999,999 and 4.19% - for loans between £1,000,000 - £2,000,000.
Further enhancements include flexible construction types (valuer comments dependent) and Self-build retention releases not linked to stages· Independent self-build product.
The society has seen increased enquiries for self-build mortgages following the pandemic and has created the new, enhanced product to service demand.
Craig Middleton, Harpenden’s Mortgage Sales Manager commented: “Customers are looking to secure a dream property more than ever following significant time spent working and socialising at home during Covid. Property shows aired on TV during lockdown have also clearly inspired ‘would-be ‘self-builders too!
"We’re finding customers increasingly want to bring a highly personalised look to their new or enhanced properties, making a self-build project particularly appealing. With savings of 20-40% possible compared to buying a similar property on the open market*, a self-build project is even more attractive. As a specialist provider, our team anticipate increased applications, particularly with the new, improved product now live.”
Craig adds: “As with our full mortgage range, we manually underwrite every mortgage application, allowing us to review each case in detail. Rather than relying on an algorithm to assess the application, like many high street lenders, we take a deep dive into an individual’s financial circumstances to assess even the most complex income streams – we want to reach a positive outcome and say ‘yes’!
"We look forward to supporting our intermediary partners as they use Harpenden’s improved products to secure new business with their customers – we’d be pleased to speak with any broker whose customer has a strong self-build mortgage application.”