L&G partners with BuildLoan

Legal & General mortgage club has added BuildLoan to its panel, offering members access to self-build and renovation finance.

BuildLoan, the broker arm of BuildStore, is a self-build and renovation funding expert, and offers the provision of releasing stage payments in advance during a project.

Advisers using BuildLoan through the mortgage club will get leading procuration fees, paid on exchange of contracts.

Ben Thompson, director of mortgages at Legal & General, says: “With the housing market as flat as a pancake, there is a demand out there from clients who want their own ‘Grand Design’.

“We’re therefore adding a new dimension to the mortgage club by partnering with BuildLoan and creating a new potential revenue stream for advisers. It is another string to our bow and we’ll keep on adding value to the club offering.

“Advisers will benefit from proc fees on exchange, which are better than that on offer if approaching BuildLoan direct. The importance of certainty and timeliness on payment of fees cannot be underestimated in this market.”

Raymond Connor, chief executive of Buildstore, says: “The key to a successful project is cashflow – getting money at the right time to pay bills and keep the build progressing. However, many intermediaries are unaware of the importance of this when advising on self-build mortgages.

“At BuildLoan we help the intermediary identify the client’s cash requirements during a project and our advance stage payment scheme can keep their client cash positive during the build”