Leeds Building Society self-build mortgage 'offers flexibility'

Date:Wednesday 28th July 2010
Author: Max Freedman

People can enjoy the flexibility to make the purchase and construction of a home easier with the help of a Leeds Building Society self-build mortgage, it has been suggested.

Paul Kaye, general manager of the organisation, explained that the firm will lend up to 60 per cent and 75 per cent of the value of the property, for applications that have outline planning permission and full planning consent respectively.

He pointed out that it can often be difficult to budget for the different stages of a construction project and claimed the Leeds Building Society self-build mortgage offers flexibility in this process.

"Borrowers receive the money quickly when required and they do not pay any interest until they have received the funds," said Mr Kaye.

The product is available at 6.19 per cent interest over two years with no higher lending charge, although there are fixed fees of £999.

This month, the firm reduced the interest on its two-year fixed-rate buy-to-let mortgage to 4.89 per cent.