Loughborough Building Society supplying self build mortgages

The Loughborough Building Society is offering self-builders a 5.25 per cent fixed rate mortgage, which will revert to the standard variable rate of 4.99 per cent after two years.

This deal has a maximum loan to value of 75 per cent of the cost of the construction project and any required land.

Chief executive of the building society Gary Brebner said the lender fully supports parliament’s commitments to the self-build sector.

As well as providing boosts to local employment, it is also a “viable route to sustainable housing”, he declared.

The funding option was developed through a partnership with BuildStore Financial Services and follows attempts by the government to stimulate the self build sector.

Housing minister Grant Shapps has aimed to promote this sector and the government recently unveiled a fund of £30 million for people planning to construct their own home.

It added it would support the release of state-owned real estate on which self-builders can site their property.

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