The mortgage has been developed in conjunction with self-build firm, Buildstore, and will gradually reduce to BBR plus 0.55 per cent over ten years.
Funds of up to 95 per cent of the estimated costs can be released in advance of the five key stages of building, which means that significant capital does not have to be raised during the project.
Alan Long, head of marketing at Britannia, said: "Building your own home is something many families dream of doing but are put off by the upheaval of selling their home and moving into rented accommodation. This mortgage takes away that burden and aims to guide borrowers through the entire self-build process."
Other features include 12 months unemployment cover, free homebuyers’ cost protection insurance, and an annual bonus through Britannia’s Members’ Loyalty Bonus Scheme.
