Range of Self Build Mortgages Launched

24 June 2014

The Society has launched an exciting new range of two year level discount self build mortgage products available throughout England and Wales.

The self build product range is suitable for both house purchase and remortgage, offering competitive interest rates, making them ideal for those looking to build their own property or carry out renovations on unique properties such as barn or church conversions.

The Society offers two product options: a two year discount advance payment mortgage at 4.89%, with a £1,495 product fee which can be added to the loan and with no extended tie in and a two year discount arrears payment product, offering an attractive interest rate of 4.75%.

A mortgage for a self build differs from a standard house purchase mortgage because with a self build mortgage the money is released in stages as the build progresses. The money can be released before staged works are complete (advance payment) or after (arrears payment) and your choice of product will depend on your own particular circumstances.

For more information or to apply, customers can contact Buildstore on 0845 223 4888 or via the Buildstore website. Buildstore will talk through the enquiry as a pre-qualification and also provide support. Applications are submitted directly to Buildstore who package them prior to submission to Monmouthshire Building Society.

Colin Strong, Head of Lending Procurement, said: “The Society’s self build mortgage products have been launched in response to growing consumer demand and confidence in the market. Buildstore Mortgage Services is the UK’s leading expert in self build finance so it felt a natural choice to work with them to create these market leading mortgage products which are suitable for both self build and conversion projects.”

Raymond Connor, Chief Executive, Buildstore Mortgage Services, said: “We are particularly delighted to have been chosen by Monmouthshire Building Society to partner with them in Self Build. Over the years we have seen the mortgage requirement in Wales for Self Build grow and it accounts for 1 in 5 of the mortgages we arrange for our Self Build clients.”

Click here to find out more.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

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