The Prestige Bespoke self-build scheme provides high value loans for people buying older properties and replacing them with substantial modern ones.
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It allows a loan of at least £1 million and enables up to 80 per cent of the purchase price of land and up to 80 per cent at the end value, with stage payments during the build being made in arrears. The maximum amount that can be borrowed is based on the client’s affordability, with the client’s income and net asset status both taken into account. The variable rate is Base Rate plus 0.89 per cent with a 0.25 per cent arrangement fee and no early repayment charges.
In addition, each case is managed by an individual specialist to ensure its smooth progression.
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John Hay, head of financial services marketing and product development at BuildStore, said: “Clients with substantial assets often prefer to borrow a significant amount of a project cost rather than realise investments. The Prestige product and the bespoke service we are offering provide an ideal solution for intermediaries dealing with high net worth clients. We are seeing significant demands for loans like this, particularly in the area of replacement dwellings.”
Ashley Clark, director of Need An Adviser.com, commented: “I have come across self-build before but with maximum loans of £300,000. Buildloan is trying to compete with banks to offer something different, which is brilliant.”
