Our brand new product is for those who wish to build their own second home – you may remember recently we updated our Self-Build application criteria to allow for second homes for self-build projects.

Here is an overview of the product.

MDS220 – 3.99% Self-Build/Renovation (for Second Home) Variable Discount for 2 Years (Arrears)

• Up to 60% LTV
• App Fee: £299 (cannot be added to loan)
• Product Fee: £699 (can be added to loan subject to maximum loan to value limits or paid upfront)

Here is the some points of interest;

• Interest-only option available during the build (up to a maximum of 2 years)
• Maximum loan of up to £500,000 with this product
• Proc fee of 0.5% for self-build mortgages
• The definition of a second home is a property which will only be used by the borrower(s) for residential purposes e.g. holiday home, weekend home, future retirement property
• The property cannot be let out
• The property being Self-built/renovated cannot be in same location as the current applicants residence
• A project manager will be required and full details should be provided with the application

For more information click here.