The Melton has extended its range of self build mortgages with the launch of a new Family Assist Self Build Mortgage. This innovative new product allows parents to provide the deposit and have it returned as a final stage payment on completion of the build, making self build a viable option for a diverse range of customers, including first time buyers.
The new Family Assist Self Build Mortgage provides stage payments in arrears and is available to purchase the land as well as the build costs (up to 75% of the total costs), with a maximum loan size of £250,000. This new mortgage forms part of the Melton’s family assist proposition which includes consideration of up to 4 incomes and allows parents or children on the mortgage to support affordability.
“Self build and renovation offers choice and diversity to the home buyer and is often beyond the reach of first time buyers where providing a substantial deposit can be a barrier,” says Nicola Alvarez, Director of Sales and Marketing at the Melton. “Choice of housing options is an important component of the housing market, particularly in the UK where housing supply falls short of housing demand. By embracing the financial resources of families the Melton makes self build accessible to a wide range of customers.”
The Melton range of mortgages for self build and conversion includes:
- Melton Self Build Advance – provides stage payments in advance
- Melton Self Build Standard – provides stage payments in arrears
- Melton Eco – discounted rate for eco friendly features
- Family Assist Self Build Mortgage – parents can provide deposit, stage payments in arrears.
For further information please contact the Melton’s broker support team on 01664 414144 or visit www.themeltonbrokers.co.uk