BuildLoan expands its range of large-scale mortgages
Distributor of build-it-yourself and bespoke mortgages, BuildLoan, has announced the launch of a new product range with the Darlington Building Society, offering mortgages up to £1.5million.
The new range will offer products aimed at customers wishing to build their own home, either independently or on one of the many bespoke construction sites, at up to 85% of their project costs.
Depending on the lender, loans are available with additional funds released at the end of each stage of work or before the start of each stage. All BuildLoan products offer guaranteed milestone payments during construction tied to the cost of each stage of construction so customers have the funds they need at every stage of construction. There are no assessments during construction and the stage releases model is agreed upon at the application stage.
The new products offer discounted rates until November 2024 with a 0.5% completion fee.
Chris Martin, (pictured) Head of Product Development and Underwriting at BuildLoan, said: “We are seeing more customers looking to build higher quality homes to meet their specific needs and as a result need to borrow more. These new offers complete our already wide range of products.
“We know that ensuring funds will be available at the right time during construction is extremely important for self-builders and these products provide that comfort, with milestone releases, agreed in advance and no assessment during construction. construction.
“The pay-in-advance options are a fantastic solution for customers with a small pot of their own money, particularly if they are building using an off-site manufactured product that requires a larger upfront payment.
“Self-build can seem complex and our brokerage desk team can guide brokers to the right solution for their client.”
Louise Thorpe, Director of Distribution for Darlington Building Society, adds: “The self-contained and custom build market is growing and is an integral part of our lending strategy. We developed these products with BuildLoan to give even more potential self-builders the opportunity to build the home they want.
“All of our products offer the assurance of a pre-agreed pattern of stage releases linked to the cost of each element of the build, with no assessment during the construction work, so brokers can be confident that they are recommending a product to their self-build customer that has been designed with their primary needs in mind.”