Self Build mortgage launched by Hinckley & Rugby

Hinckley & Rugby Building Society has launched a new mortgage for people building their own home.

The Self Build mortgage is available at up to 80% LTV and interest is charged at the Society’s Standard Variable Rate, currently 5.64%. The overall cost for comparison is 5.9% APR.

The Society requires that the plans must be drawn up by an RIBA-qualified architect and submitted with the mortgage application along with costings and planning and building consents.

The applicant must already own the land the new home will be built on.

The new mortgage is available both to direct customers and also via brokers. It comes with competitive fees - £295 for arrangment and £695 on completion. Property assessment fees are on a sliding scale that starts at £245 for houses valued at up to £200,000.

Read the full story here: http://www.financialreporter.co.uk/view.asp?ID=13946 

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