In an exciting development of its partnership with BuildLoan, Hinckley & Rugby for Intermediaries are pleased to announce the launch of new Custom Build mortgage products as an enhancement of its current Self-Build proposition. As the UKs leading distributor of funding solutions for intermediaries’ clients’ homebuilding projects, BuildLoan specialise in self build, custom build, renovation, conversion and home improvement.
Available from 20 October, the new three-year discount products, starting at 4.74%, will be available for Custom Builds exclusively through BuildLoan.
Like Self-Build, Hinckley & Rugby will offer Custom Build products with both advance and arrears stage payments, on an Interest Only basis for the first two years of the loan, and offer borrowing of up to £750,000, up to 90% Loan to Cost and 80% Loan to Value of the finished build. Other benefits include acceptance of modern methods of construction, and no standard requirement for interim valuations during the build.
Evan Crosskey, Senior Mortgage Sales & Distribution Manager at Hinckley & Rugby, says
“For those borrowers wary of the complexities of a pure Self-Build, Custom Build allows for the creation of a bespoke home but with the assurance that the developer will lead on the complexities of the build. Hinckley & Rugby recognise the need to continue diversifying the UK housing market, so are proud to be able to offer borrowers a wider choice of self and custom build options in partnership with BuildLoan.”
Chris Martin, Head of Product Development and Lender Relationships at BuildLoan comments:
“Custom build is a fantastic route to owning an individually designed home without the worry of finding an individual plot, arranging for an architect to create designs from scratch and obtaining planning permission. The products we have designed with Hinckley & Rugby mean that potential custom builders only need to provide 10% of their land and build costs, with the majority of planning and design costs often included in the custom build price. This means that commissioning the construction of their own home becomes a realistic option for many people who otherwise wouldn’t have the time or personal funds to self-build. There are no interim valuations as the stage releases through the build are linked directly to the cost of each part of the work, so the client knows the funds will be available at the right time to pay their developer, taking a huge amount of risk out of the process.”
For more information about Hinckley & Rugby Building Society’s Custom Build or Self Build mortgages, please contact BuildLoan on 0345 223 444 or email: enquiries@buildloan.co.uk
