Self-build mortgage launched by Leeds

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Would-be property buyers who are struggling to save up a deposit may be interested in a new deal offered by Leeds Building Society.
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Tuesday, 27 July 2010 12:00

Leeds Building Society has unveiled a new self-build mortgage.

The variable product is specifically designed to enable people to build their own homes and funds are released in five stages - Land Purchase, Wall Plate, Roofed In, Plastered Out and Completed.

Up to 75 per cent of the value will be released by the society for each of the steps.

Paul Kaye, general manager at the organisation, noted it can be very difficult to budget correctly for five-stage plans, with buying land usually the biggest expense.

He added: "The flexibility of our self-build product means the process is made much easier."