BuildStore, the expert in self-build mortgages, has joined forces with The Mortgage Operation (TMO) to extend its specialist product offering to TMO's members.
This means that BuildLoan, BuildStore's intermediary mortgage product, designed for the self-build sector, is now available through TMO.
BuildLoan is the only self-build mortgage available to intermediaries that releases money at the start of each stage of the build. Self builders can borrow up to 95% of the cost of the land or the property they want to renovate and 95% of the cost of the building work.
Clients can stay in their current house while building their new one and BuildLoan also offers a self cert option as well as the ability to take a payment holiday during the build.
Stuart Johnson, Sales Director at TMO, comments: “TMO is delighted to be linking up with BuildStore. Self-build is a growing area of the mortgage market with 25% of all new detached homes being self-built. This area offers many opportunities to our members and TMO is keen to assist them by offering a self-build mortgage from a market-leader.”
Raymond Connor, managing director of BuildStore, says: “Since its launch in January, BuildLoan has proved very popular with the intermediary market and we are delighted that TMO has decided to promote BuildLoan, helping us reach a wider audience.”
The procuration fee available on BuildLoan is 0.25% with a minimum of £200 and no maximum.