Higher LTVs for self-build mortgages

A mortgage company has announced it is increasing the maximum loan to value (LTV) on mortgages for new-build and self-build houses.

Norwich and Peterborough Building Society’s (N&P) maximum LTV for these properties will increase from 75 per cent to 80 per cent.

This replicates government policy on such homes, as housing minister Grant Shapps vowed to cut red tape and regulation to bring the UK’s self-build market in line with that of Europe.

“These new mortgages at the higher LTV mean that a greater number of people will be able to get a foot on the property ladder, re-mortgage or move house,” Richard Barker, N&P’s product manager for mortgages, said.

Individuals planning a self-build home may wish to attend the south-west’s biggest self build show on June 25th and 26th in Sandown Park, Esher, Surrey,

Set up by the Homebuilding and Renovating magazine, it hopes to provide DIYers in the area with innovative design concepts, support, hints, tips and time saving solutions.

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