One in seven mortgages at Saffron Building Society is for self build

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Lending for self-build mortgages at Saffron Building Society has reached £40 million since January 2011. This makes up 14% of total new lending for the mutual, which is the largest building society serving the East of England. Saffron has released these statistics on the back of a government announcement that a £30 million government fund is to be made available to the house building community. The move is part of wider efforts to help double the size of the self-build sector. Over the next three years this £30 million fund will offer short term loans to community groups, builders and other small organisations looking to start self-build projects in England, although London is excluded. The money could be used to pay up to 75 per cent of a project's land and early construction costs, and will be available to organisations planning to build five or more homes at a total cost of up to £3 million. Jon Hall, CEO of Saffron Building Society, commented: “We have backed the self-build community for some time now. At a time when property prices are out of reach for many, self-build gives our customers another option of getting on the housing ladder.” Trinity Financial has access to a number of lenders offering self-build mortgages and one of them has some of the most compeitive terms available. July 20, 2012
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