BuildLoan was developed exclusively for intermediaries to give them a quality product and service for their self build clients.
The Amber Homeloans product is a three year discounted mortgage with an initial pay rate of 4.44% for loans of up to 75% LTV. It is available on a self certification of income for both the self employed and employed and this makes it an excellent product for the many self builders who are self employed.
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 incurred, ensuring better cash flow for the self builder. With all BuildLoan products, the borrower can stay in their own home while building their new one.
The maximum borrowing allowed is 90% of final LTV.
Intermediary information: Call: 0870 870 9499 or click www.buildloan.co.uk
Mike Perry, Head of Sales and Marketing for Amber 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, Managing Director of BuildStore, says: “Amber Homeloans with their self cert lending 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 late last year, 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.”
