BuildStore widens self build distribution in partnership with TMO

BuildStore, the expert in self-build mortgages, has joined forces with The Mortgage Operation (TMO) to extend its specialist product offering to TMO&#39s members.

This means that BuildLoan, BuildStore&#39s 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.