Buildloan relaunches advance stage payment mortgages
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BuildLoan, the intermediary arm of BuildStore Financial Services, the self build and renovation finance specialist, has teamed up with the Melton Mowbray Building Society, to bring back exclusive advance-stage payment mortgages for self builders and renovators in the East Midlands.
BuildStore has reported a surge in demand for its self build services in recent months, as homeowneres turn to self build and home improvement, as a means of getting the home they want at a price they can afford.
The Melton Mowbray Building Society will provide mortgages for self-build, renovation and conversion projects in the region through BuildLoan’s payment scheme, which means clients do not need to sell their house to release equity.
This exclusive funding is available for projects within a 50-mile radius of Melton Mowbray, and will lend up to 85% of the cost of the land or building to be developed, and 85% of construction or renovation costs. Funds are released in advance of each stage of construction, allowing the homebuilder to cash-buy building materials and pay tradesmen and contractors. BuildStore’s PlotSearch database is currently listing around 250 building plots, renovation projects and conversion opportunities within this catchment area.
John Hay, head of financial services marketing and product development at BuildStore, says: “It is a critical time for brokers, so BuildLoan is delighted to be able to offer intermediaries the opportunity to serve this growing market. With The Melton and our other lending partners, we will continue to develop and enhance our product offering to maintain our position as the market leaders.”
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