APS adds BuildStore to direct lending panel

APS Europe Mortgage Club has added BuildStore, provider of mortgage products to people wanting to renovate or convert their home, to its direct submission panel.

Brokers will now be able to offer BuildLoan, a self-build mortgage for the intermediary market, to their clients and receive a procuration fee via APS Europe.

The range of features, include borrowing of up to 95% of the lower of the cost or value of land, borrowing on land with only outline planning permission and up to 95% of the build costs.

The stage payments are made in advance of each build stage and in addition to a self-certification option applicants can take an interest payment holiday during the build.

In addition to the finance from the four lenders currently operating as BuildLoan partners, BuildStore also offer a land-finding service via its online database, PlotSearch, site insurance and structural warranty.

It also features access to a network of project co-ordinators and a materials buying service which guarantees trade prices.

APS Europe director Ben Gardner says: “The addition of BuildStore to APS&#39 panel further enhances the choice of lenders for its members.

“The specialist field of self-build and renovations is a growing market and something brokers have been making enquiries about for some time now, so the company is delighted to be able to promote and provide access to the range of BuildLoan mortgages.”

Raymond Connor, managing director at BuildStore, says: “Self-build has become a mainstream option to buying a house and the mortgage intermediary is well placed to take advantage of the increase in the market.

“Our BuildLoan product which gives the self-builder a high lending percentage and positive cashflow during the build has become popular with intermediaries and we are delighted that it is now available via APS Europe.”