Under the terms of the relationship, which formally came into effect yesterday, PMN's membership will be able to offer access to BuildStore's range of market-leading BuildLoan self-build and renovation mortgage products.
Members will receive a minimum payment of £250 for every successful case that completes with BuildStore. A maximum commission of 30% is available.
PMN managing director, Dale Knight, says: “I am delighted to have teamed up with an innovator such as BuildStore, self-build mortgages are becoming increasingly popular throughout the UK, yet many professional advisers still don't know what avenues are open to them and their clients when niche finance is required on a particular deal.
“Our goal is to be able to meet the needs of our members at every juncture, regardless of whether there is a need for mainstream products something of a more specialist nature. Our new relationship with BuildStore meets this commitment and bodes well for all parties, particularly our members.”
John Hay, director of product development at BuildStore, says: “Like all lenders, we are keen to expand our distribution. The key to growing our brand is working with the right kind of partner. In PMN, I believe we have found a network that is committed to its AR member and lender partners in equal measure.
This is a rare commodity in the distribution world and it's a major reason why we are very happy to be forming a new relationship with PMN.
A product guide and an education pack on the intricacies of undertaking self-build projects are to be distributed to PMN's membership in due course.
Knight added: “I would encourage all PMN members to take a good look at the quality of the BuildStore proposition. Raising a mortgage for a self-build project is not as difficult as people think it is.
“The key is to find a lender that understands this niche market and is willing to support the consumer and their mortgage adviser. From what I have seen already, BuildStore more than meets this need.”