BuildLoan has teamed up with Intelligent Fniance to offer an advanced stage payment scheme to tackle funding difficulties when it comes to buying a property for renovation.
Releasing the costs of the improvements up front in stages during the project, the scheme provides buyers with a two-year offset fixed rate mrotgage of 6.09 per cent.
In addition to people renovating a home, the scheme can also help people who have decided to extend their existing home to get more space rather than pay the huge costs involved in moving to a larger house.
John Hay, head of financial services marketing and product development at BuildStore said: “While BuildLoan is the scheme of choice of many intermediaries whose clients are self building, the high lending percentages and release of money in advance during the project can be of equal help to people who want to buy a house to renovate or extend or who want to add an extension to the house they are currently living in.”
Brian Ewing, head of intermediary sales at Intelligent Finance added: “Not only does the 2 year fixed rate mean mortgage payments are capped during their project when outgoings are high but holding the advance stage releases in the offset savings account during the project until bills are paid shows a real benefit of offsetting to the client by keeping their monthly mortgage payments to a minimum during the project.”
