The Chorley Building Society has joined forces with BuildStore to provide mortgages to the self-build market.
With certain conditions favouring the self builder, such as increased land availability, falling land prices, and plenty of tradesmen looking for work, BuildStore has reported that mortgage enquiries in the first half of 2010 were up 17% on the same period last year, and almost double the enquiry levels for the January – June 2008 period.
The Chorley will provide mortgages to people building their own homes exclusively through BuildStore. The scheme will lend up to 85% of the cost of the land, and 85% of building costs, released in stages through the construction phase (5 or 6, depending on the type of house), providing the final loan to value (LTV) does not exceed 80%.
Stephen Penlington, chief executive at the Chorley Building Society, said: “We have been aware of the significance of the self build market in the UK for some time