New Self Build Mortgage From Leeds

Leeds Building Society has launched a new self build mortgage product, designed to help people build their own homes.

The new variable rate mortgage is a 2 year deal, currently at 6.19%. There is no higher lending charge and a fixed fee of £999.

The self build mortgage will release funds in 5 stages – Land Purchase, Wall Plate, Roofed In, Plastered Out and Completed – with up to 75% of the value available for each stage. This staged releasing of funds is of particular importance to those embarking on a self build house as it helps manage outgoings and cashflow. Borrowers only repay the amount they have borrowed.

Paul Kaye, General Manager at Leeds Building Society said, “It is often very difficult to predict and budget exactly for five stages. Purchasing the land will usually be the biggest expense and we will lend up to 60% of the value with outline planning permission and 75% with full planning consent. The flexibility of our self-build product means the process is made much easier.

You can get more information on the Leeds Building Society website or at a branch or by phone.