With certain conditions favouring the self builder, such as increased land availability, falling land prices, and plenty of tradesmen looking for work, BuildStore reports that the demand for self build finance is alive and kicking, with recent demand up 39% on this time last year.
The Ipswich will provide mortgages to people building their own homes exclusively through self build finance specialist BuildStore. The Ipswich will lend up to 75% of the cost of the land, and 75% of building costs, providing the final loan to value (LTV) does not exceed 75%.
Paul Winter, chief executive at Ipswich Building Society commented: “I have always been aware of the significance of the self build market in the UK and been very keen for the Ipswich to be involved in self build lending. It’s a very exciting time for us to be entering the market and with BuildStore’s knowledge and expertise; we can offer added-value lending to a new wave of customers.”
BuildStore’s chief executive, Raymond Connor, added: “Self build finance has become increasingly difficult to come by, and it’s now even more important that people use a specialist to secure the right type of funding to ensure the project is a success. We are delighted to be working with The Ipswich to provide a great tailored funding solution to the growing number of self builders.”
