Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Vernon Building Society Reduces Self-Build Mortgage Rates by 0.15%
Vernon Building Society has reduced the pricing across its entire self-build mortgage range by 0.15%. The new rates apply to a selection of products designed for a variety of self-build, conversion, renovation, and rebuild projects.
The updated range includes the BuildLoan 1.85% Lifetime Discount, now at 5.75% at 80% loan-to-value (LTV) with a fee of £1,999 and a 2% early repayment charge (ERC) for one year. This product offers stage-release funding up to 85% per stage. The BuildLoan (accelerator) 1.66% Lifetime Discount has been lowered to 5.94% at 80% LTV, also with a £1,999 fee and 2% ERC for one year, and provides stage-release funding up to 85% per stage.
Additionally, the BuildLoan large loan 1.76% Lifetime Discount has been cut to 5.84% at 70% LTV, with a 0.25% fee and a 2% ERC for two years, offering stage-release funding up to 70% per stage. The Mayflower 1.85% Lifetime Discount is now at 5.75% at 80% LTV with a £1,999 fee and 2% ERC for one year, with stage-release funding up to 75% per stage. The Mayflower large loan 1.76% Lifetime Discount has been reduced to 5.84% at 70% LTV, with a 0.25% fee and 2% ERC for two years, and stage-release funding up to 70% per stage.
Vernon Building Society’s self-build mortgage range is designed to support a wide range of projects, including modern and non-standard construction, conversions, renovations, and rebuilds. The products offer stage-release funding of up to 85% per stage, with interest-only payments during the build.
These changes may be relevant to letting agents and inventory clerks working with clients involved in self-build or renovation projects, as the updated rates and flexible funding options could impact project financing and timelines.
Source: Mortgage Strategy