Melton Building Society has removed early repayment charges (ERCs) and reinspection fees from its self-build range following broker and customer feedback.
Melton Building Society said the changes would support people who are looking to build their own property and would improve the experience for self-build mortgage holders.
Products in the range cover self-build, custom build, renovation and conversion, and funds can be leveraged to buy land and fund build costs, planning permission allowing.
Dan Atkinson, Melton Building Society’s head of intermediaries, said: “We value feedback provided to us from both brokers and customers. We actively seek their opinions to understand feelings towards our products, criteria, system, people and processes to understand where we can make improvements. We are introducing these changes as a direct result of that feedback.
“We are evolving our product range to provide self-build products better suited to the needs of today’s borrower. We hope that these changes will enable those building or converting their dream home to access funding in a timely manner and reduce the stress of financing their build.”
At the tail end of last year, Melton Building Society increased the maximum loan to value (LTV) across its interest-only and part and part mortgages to help borrowers who may be challenged with affordability.
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