Hinckley & Rugby Building Society partners with BuildStore
Self builders can now access a higher Loan to Value (LTV) mortgage from Hinckley & Rugby Building Society through BuildStore. The new product is a two year discount rate charging an initial 4.99 per cent interest rate.
The money will be advanced in five stages, with Hinckley & Rugby lending up to 85 per cent of the value of the land purchased and then up to 85 per cent of the cost of the build. The maximum LTV of the completed home is 75 per cent. Hinckley & Rugby head of sales and marketing Carolyn Thornley-Yates said:
We’ve been offering self-build mortgages since 2013 so have the experience and know-how to help self-builders achieve their dreams. Partnering with BuildStore will enable us to better serve the growing number of self-builders, many of whom need higher LTV borrowing to create the home they desire. They can borrow up to £500,000, we’ll pay the cost of an additional security fee and we will apply our manual underwriting to carefully assess each application.
Raymond Connor, BuildStore CEO commented, "I am delighted that Hinckley & Rugby Building Society has joined BuildStore's lender panel with the launch of a new mortgage product for self build. Notwithstanding the current political unrest, the self and custom build sector is growing and we believe 2020 will see unprecedented demand".
About Hinckley & Rugby Building Society
A top 20 society, Hinckley & Rugby Building Society has total assets of more than £800 million and over 50,000 savers. In addition, it has over 7,000 borrowers who are also benefiting from the Society's success. The Society is committed to providing an extensive range of competitive savings accounts and mortgage schemes and to providing the highest standards of customer service.