BuildLoan, the intermediary arm of self-build and renovation specialist BuildStore, now offers its lifetime tracker mortgage through lender The Mortgage Business.
The product, for self-builders, renovators and home improvers, offers the Bank of England rate plus 2.44% for the mortgage term and a 7.69% initial pay rate. Customers can borrow up to £500,000, of which they can take up to 95% for land purchase and up to 95% for building costs. The mortgage requires a 1% early repayment charge until May 2010. BuildStore has provided mortgages through The Mortgage Business since 2002 and usually offers one or two products through the lender at any time. Last September BuildLoan and provider Intelligent Finance launched a mortgage specifically for p...
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