In a first for the mortgage finance market, Chorley Building Society has launched a dedicated custom build mortgage as a discrete product, offered through specialist broker and packager BuildStore through its BuildLoan arm.
The Chorley/BuildStore Custom Build product is exclusive to BuildStore, and has a lower rate of 4.99% compared to its self build product of 5.29% to reflect the fact that the custom build represents a lower risk due to the involvement of a developing enabler.
“BuildStore and BuildLoan are delighted that Chorley is embracing the custom build sector, particularly as we believe this area of the housing market will see substantial growth over the next couple of years,” said Rachel Pyne, Group Sales Director at BuildStore.
This is a pivotal move for the mortgage market as, currently, most custom builds are brought on using a stage release, self build mortgage product. But as CEO Raymond Connor explains in his profile, the market needs, and is ready for, a dedicated custom build product. Hopefully, this marks a sea change for custom build consumer finance.