Partnership aims to provide tailored advice in line with Consumer Duty rules
BuildStore Mortgage Services has announced a strategic partnership with L&C Mortgages aimed at helping clients navigate the post-Consumer Duty landscape.
Under the new agreement, BuildStore will provide exclusive mortgage advice to L&C’s homebuilding customers across the UK.
BuildStore, which has over 25 years of experience in home-building finance, offers a range of products, including more than 60 guaranteed stage-release mortgages, developed in partnership with a longstanding panel of lenders. It specialises in financing for self-build, custom-build, renovation, and conversion projects.
The partnership is designed to ensure customers receive tailored advice in line with the UK’s Consumer Duty rules, which were introduced last year. These rules focus on delivering good outcomes and avoiding foreseeable harm for consumers.
L&C acknowledged the need for expert advice in more complex mortgage areas to ensure compliance with the new regulations and to help consumers achieve the best possible outcomes.
BuildStore’s stage-release products do not require formal valuations and have no loan-to-value (LTV) limits during the build process. Instead, funding is tied to pre-agreed build costs, reducing the risks associated with traditional self-build mortgages, which often rely on property value increases before releasing additional funds. This structure is intended to ensure that customers receive the necessary funds on time, avoiding potential delays or shortfalls in financing.
“Self-builders’ finance needs vary hugely depending on their personal circumstances and the project they’re undertaking,” said Raymond Connor (pictured left), chief executive of BuildStore. “We provide customers with expert advice to find the right product for their project.
“In addition, we support them right through their build. We also make sure they’ve costed their project accurately, so that they get the money they need at the right time to cover their costs and get their home completed.
“This deal recognises the importance of expert advice and support in the post-Consumer Duty era, and we expect this to be the first of many similar collaborations.”
Simon Hendy (pictured right), chief relationship officer at L&C Mortgages, said they were delighted to launch this partnership with BuildStore.
“We’ve been focused on improving and broadening the service that we offer our customers,” he said. “Working with BuildStore will offer greater support to our advisers in meeting their customers’ self-build and refurbishment requirements.
“Buildstore stands out as a partner that excels in its field and sets standards that will dovetail perfectly with the high standards that L&C customers expect. We look forward to working with BuildStore in a market that we expect will only see further growth.”.”
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