1 July 2014
A new range of self build mortgages have been revealed – boosting opportunities for people to build their own home.
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Monmouthshire Building Society has teamed up with self build mortgage broker BuildStore to launch two product options: a two-year advance payment mortgage with an interest rate of 4.89%, and; a two-year arrears payment mortgage at 4.75%.
Both products – available through England and Wales – have an arrangement fee of £1495 and require a minimum deposit of 15%.
Self build mortgages operate in a different way to conventional ones as payments are released in stages, rather than a lump sum up front. An advance payment mortgage allows payments to be released at the start of each stage of the build and an arrears payment mortgage sees payments released at each stage end.
Colin Strong, Head of Lending Procurement at Monmouthshire Building Society, said: “Our self build mortgage products have been launched in response to growing consumer demand and confidence in the market.”
