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Leeds launches self-build mortgage
Wed, 28 Jul 2010
Leeds Building Society has re-entered the self-build mortgage market with the launch of a new variable product.

The provider explained that the new product is specifically designed to help people build their own homes .

Funds are released in five stages, which are Land Purchase, Wall Plate, Roofed In, Plastered Out and Completed.

The society will release up to 75 per cent of the value for each, with customers only required to repay the amount they have borrowed.

Paul Kaye, general manager at Leeds Building Society, explained: "Funds are released following an inspection by a qualified surveyor or valuer and sent electronically.

"Consequently, borrowers receive the money quickly when required and they do not pay any interest until they have received the funds."

The British Bankers' Association has revealed that the annual growth in the banks' net mortgage lending is 4.1 per cent compared to 1.1 per cent for the whole mortgage market in May.

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