Niche mortgages 'help self-builders'

Mortgage lenders are continuing to have to tailor their lending packages to meet the individual needs of customers because everyone's circumstances are so different, according to one expert.

David Stewart, from Abbey which is a bank, says that there is a very wide range of mortgages on the market and so lenders have to work out which one suits each customers the best.

As the market becomes more niche, you can now even get mortgages which remove the upfront fees so moving house is cheaper or for self-builders, you can get mortgages which release funds as each part of your project gets completed.

"There's lots of different mortgages for lots of different people," said Mr Stewart.

"Lenders are doing more to try to tailor it as much as they can. It's up to us to ensure we do the best we can to help them get the house they want."

Since 1998, BuildStore has been offering a specific mortgage for self-builders with borrowing percentages as generous as 95 per cent.


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