To help meet demand for higher loan amounts, self-certification mortgages from Amber and Accord have now been increased from £300,000 to £400,000 and £300,000 to £500,000.
For loans up to £300,000 self builders and renovators can borrow up to 95% of the cost of land and 95% of the cost of the build, while from £300,001 to the maximum loan, they can borrow up to 85% of the cost of land and 85% of the cost of the build.
In addition to self-build, these loans also apply to renovations, conversions and home improvements. BuildLoan’s clients benefit from positive cash flow, receiving the money for their project up front at the start of each stage of construction. This allows project to run more smoothly and reach completion at an earlier date.
John Hay, head of financial services marketing and product development at BuildStore commented: “Like every other area of the housing market, the cost of land and building has seen significant increases. A high percentage of people choosing the self build or renovation route tend to be self employed or freelance workers and the increased maximum loan from Amber and Accord will help intermediaries facilitate a faster and enhanced service for their clients.”
