The self-build and renovation specialist has reported that the company has amassed £70 million in loan applications during February 2005, a year-on-year increase of 51 per cent.
The figures contrast with those released from the Council of Mortgage Lending (CML) which claimed that total gross lending in February remained flat at £17.2 billion, virtually unchanged from January’s figure of £17.3 billion and 18 per cent lower than February last year.
Eddie Smith, head of mortgage distribution at Buildstore, said: “We have seen a continuous growth of business from the intermediary sector and BuildLoan (the intermediary brand) is already represented on all major networks and mortgage clubs.
“We work with the intermediary every step of the way, and they are increasingly realising the huge market potential.”
Raymond Connor, chief executive and founder of BuildStore explained that, in part, the rise in its mortgage business is connected to Britain’s fascination with property and home improvement shows on television.
He said: “Four or five years ago we were a nation obsessed with cooking and celebrity chefs. Now there are hundreds of programmes across terrestrial and cable networks that offer how-to’s on self-build and renovation.
“I believe this has had a direct impact upon the industry with people really seeing the opportunities and just going for it.”
Rod Murdison, proprietor of Murdison & Browning, said: “The results don’t come as a surprise to me, the deals they offer are very well packaged.
“Buildstore has looked at the market and expanded it’s offering, ranging from barn conversions to housing authority deals.”
