The key features of the BuildLoan self build mortgage are:
- Up to 95 per cent of land purchase, so clients only require a minimal deposit to buy their land.
- Up to 95 per cent of build costs, which means that most self builders will be able to build their new home without first having to release equity tied up in their current home.
- Lending of up to 95% of final value.
- BuildLoan can run alongside the client’s current mortgage during the build so clients can stay in their own house while building their new one – saving the cost and upheaval of moving to temporary accommodation or a caravan on site.
- Flexible benefits including: Interest calculated daily, payment holidays and an overpayment facility, enabling borrowers to repay early and save money.
With this latest development, BuildStore continues to open up the self build market to intermediaries who, until recently, were poorly serviced in this growth area.
Steve Aldous, sales and marketing general manager, Skipton Building Society says: “Skipton has been successfully working with BuildStore for some time in the provision of self build mortgages direct to the customer, so is naturally delighted to also become a lender partner on this intermediary focused product, BuildLoan. With the number of new houses being built falling well short of demand, we see self build mortgages moving into mainstream lending and becoming a market that no intermediary can afford to ignore.”