Hanley Economic Building Society has launched a new ‘build for second home’ product aimed at self-build clients looking to construct a second residential home, not to be used for any rental purposes.
The ‘build for second home’ product is a 3.99% two-year variable discount with a 60% LTV, a maximum loan amount of £500,000 and a product fee of £998. As with most traditional self-build mortgage products, stage releases in arrears will correspond with identifiable stages within the build.
This follows the recent launch of Hanley’s part-complete self-build product which is aimed at borrowing for projects which are already underway.
Hanley Economic Building Society has helped hundreds of customers to build their own homes and has twice won Build It magazine’s best self-build lender award in 2012 and 2015. The Society is constantly looking at ways to better engage with the intermediary market to strengthen its support within this complex sector.
David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:
“Identifying and addressing niches in the self-build market is a real strength of the business and this particular product will work well for clients looking to self-build a property to be used for a holiday/weekend retreat or a long-term retirement home.
“2019 has seen Hanley Economic undertake an extensive self-build campaign by exhibited at, and attended, a wide range of events to engage with huge numbers of self-builders and intermediary partners to find innovative ways to support this growing sector. This product further demonstrates our ongoing commitment to the self-build market and providing the intermediary market with access to competitive products backed with individual underwriting and great customer service”.