16 April 2019

A house ready for renovation.

Self-Build Mortgage Improvements

We have made several enhancements to our self-build mortgages in response to feedback from our Members, and we now have a much more flexible product which means it’s easier to apply. There are more options depending on the amount of capital you have up front and there is now a simpler process at the end of the two year term.

Application process

We know from years of experience helping self-builders that the application process can be fraught with difficulty. Architectural drawings may need to be tweaked and alterations made, and the process can often feel exhausting. In the past, we accepted applications only when the full planning approval was in place, which we’ve decided to review to make it easier.

We now accept mortgage applications with only outline plans, but will only release the funds to you once full planning permission has been secured.

New Options

Our product development team has come up with an option for self-builders who have less money up front to start their development. This is an alternative to our popular self-build mortgage with new Loan to Value options.

Our new self-build product means you don't have to have as much deposit to secure the mortgage and you don't need as much money in place to fund the build costs. If you want to know more, full details of our products can be found on our Self-Build pages (link to detailed product information). It also allows you to borrow more against the gross development value of your new home.

Unrivalled support as you build

There are several features of our mortgages that we are particularly proud of and like to tell people about. For example, we lend up to £1m on each mortgage, while many lenders firmly limit this to £500,000. In addition, we can lend up to 100% of the build costs.

However, it’s not just our mortgages that set us apart. Our aim to provide unrivalled support along the way is just as important as providing helpful products. We have a team of specialist underwriters who manually check every application.

Here’s what one of our Members said about the experience of building his home with a Saffron Mortgage:

The service they provided was really important to us. Our mortgage adviser at the Society has been with us all the way through the project. When we were speaking to other lenders it was always a different person in a call centre so there was no continuity. Given this was the first time we had taken on a project of this kind, it has been invaluable to have someone willing to give us the benefit of their experience every step of the way.

Matthew Switzer is an air traffic controller who lives in Essex. Read his hints and tips as a first time self-builder here.

Where to go for help

Find out more about our Self-build mortgages or, to arrange an appointment with one of our Mortgage Advisers, call us free on call 0800 072 1100.