The aim is for BuildStore to provide a comprehensive range of bespoke self build mortgages and home improvement loans for Mortgage Promotions registered users. As part of the deal, registered users will have access, through BuildStore to the BuildLoan product.
BuildStore was set up in 1998 and the self build BuildLoan mortgage is the core product in a suite of other services offered to self builders.
Commenting on the new service Nick Baxter (Mortgage Promotions Director) said, “The main difference between a self build mortgage and a house purchase mortgage is that with a self build mortgage money is released in stages as the build progresses rather than as a single amount. The BuildLoan advance payment mortgage has become very popular as it gives positive cash flow during the build and a high percentage lending of 95% of the cost of the build. Such a high loan to cost ratio makes it easier for borrowers to stay in their current house while the build progresses”.
Eddie Smith, BuildStore Head of Mortgage Distribution says: “BuildStore has been impressed with the proactive approach to intermediary marketing that Mortgage Promotions adopt and we are looking forward to the opportunity to work with them. We already know they will add value to our distribution.”
