BuildLoan was developed exclusively for intermediaries to give them a quality product and service for their self build clients.
The Accord Mortgages product is a three year discounted mortgage with an initial pay rate of 4.74% and this mortgage is linked to an Accord savings account giving an offset facility.
The benefit of an offset facility for self builders is that rather than drawing down a full stage release into their bank account and paying interest on the full amount of the drawdown from that date, Accord will transfer the stage releases into the client’s offset savings account which means that interest only starts to be paid as the client uses that money during the build stage.
BuildLoan enables self builders to borrow up to 95% of the land costs and 95% of build costs. Unlike any other intermediary self build mortgage product stage payments are made in advance so the client is able to pay for materials and labour costs as they are incurredr. With all BuildLoan products, the borrower can stay in their own home while building their new one. The maximum borrowing allowed is 95% of final LTV.
Mark Underhill, Commercial Director for Accord Mortgages says: ''We were keen to increase our lending in the self build market and decided that the best way to do this was in conjunction with BuildStore. We feel that the breadth of products and help that a self builder can get from BuildStore makes them the ideal partner for us in this market.''
Raymond Connor, Chief Executive of BuildStore, says: “Accord Mortgages with their offset facility and discounted rate is going to be very popular with intermediaries who have self build clients and a useful addition to the BuildLoan lender panel. The enthusiastic take-up of BuildLoan since its launch, has shown us that intermediaries are not only looking for innovative products for their self build clients but also for the sort of help BuildStore can give them in dealing with these clients who can be much more complicated to deal with than standard mortgage clients.”
