Heritable Bank has produced two new products and entered into new mortgage areas. Both products are available now, with the first allowing professional builders, property developers and special purpose vehicle companies to borrow whether for new build, conversion or refurbishment projects.

The flexibility of the product allows applicants with only outline planning permission to be considered. Heritable Bank will allow up to 100% of build or refurbishment costs to be made available. All of the features are subject to a successful demonstration of affordability rather than being based on income multiples.

Colin Stevens, director of residential mortgages at Heritable said: “Allowing borrowers to get what they need out of a product at good rates is something we continually strive for. Introducing these two new options allows this to happen as there is a gap in the market for such good value products. We are excited to be able to offer these two new lending solutions as they will appeal to many would-be borrowers who are struggling to find a deal to suit their situation. Heritable Bank will always respond to individual situations and adapt products where possible.”

Heritable Bank also announce the launch of a short-term mortgage lending product, offering those purchasing or remortgaging peace of mind when moving house. A key aspect of the product is its interest calculator which tracks three month LIBOR plus 2.25% annually rather than the more expensive industry standard monthly calculation. For residential property, the product allows a maximum 75% loan-to-value and loans of up to £1.5 million.  All Heritables current and new deals will be available via the Nationwide mortgage experts www.Mortgage-Shop.co.uk.