Redemption free self cert LIBOR tracker – current pay rate 6.19%
Key features:
- Mortgage tracks the 3 month LIBOR rate + 1.25%
- Current pay rate 6.19%
- Up to 95% borrowing on land
- Up to 95% borrowing on the build
- Up to 90% final LTV
- Lending in advance during the build
- Self certification of income
- No redemption charges
- Completion fee £495
Enhanced arrears stage payment mortgages
While BuildLoan developed the advance stage payment system for self build and renovation, not every client needs this. BuildStore is therefore introducing an improved arrears stage payment mortgage from Amber Homeloans with the following features:
- Increased lending of up to 75% of the cost of land or the building being renovated
- Lending of up to 75% of the cost of each stage of the build paid at the end of each stage
- All Amber’s self cert and Prime products available
Mike Perry, sales and marketing director for Amber Homeloans says: '' We are keen to increase our lending in the self build market and have been working successfully with BuildStore since 2003. With the growth in popularity of self build, we have decided that now is a good time to be developing new products for this market.''
Raymond Connor, managing director of BuildStore, says: “We are finding that more and more intermediaries are coming to us for self build and renovation mortgages for their clients and we are delighted that we are able to broaden the service we offer to enable intermediaries to obtain arrears self build mortgages through BuildLoan for the first time.”
