BuildStore has launched a new range of low-cost mortgages for the self build sector, including a new product in partnership with Furness Building Society.
With over 25 years’ of experience and over 30,000 completed projects, BuildStore identified a need for a low-cost mortgage range to support more people as they work to achieve their goal of self building.
The first low-cost product from the Furness Building Society has a discounted rate at 2.7% below the society’s Mortgage Variable Rate for the first two years, which has a current pay rate of 5.99%.
With this product customers can borrow up to 70% on land and build costs or up to 100% of build costs if the plot is already owned. A completion fee of £1,500 applies, and early repayment charges will apply for the first two years.
This is the first product in the new low cost range, with several of BuildStore’s lenders preparing to launch low cost product.
Traditional self build mortgages from high street lenders carry the risk of receiving less money than expected due to down valuations, which can cause serious cashflow problems, and cause your build to grind to a halt.
BuildStore’s cost-based mortgages provide guaranteed stage payments, which are agreed upon as part of the mortgage and are linked to your project’s build costs.
This means that borrowers can confidently plan their finances, knowing precisely how much funding they will receive at each product stage, ensuring financial transparency throughout your construction journey.
BuildStore provides a detailed forecast of your build costs, carried out by a construction professional as part of your mortgage application, saving you time, ensuring your budget is realistic and reducing the risk of running out of money. They also analyse your cashflow to ensure you always have money in the bank to keep your build moving.
Chris Martin, BuildStore’s Head of Mortgages, said: “We’ve built a reputation over many years as the UK’s leading self build mortgage broker. Our mortgages remove the risks associated with other products by helping customers ensure they have properly budgeted their build and know exactly what they’ll receive at each stage of their project.
“This new range is available for self and custom build, conversion, or renovation projects. It provides the extra benefits and peace of mind of a BuildStore mortgage at a low cost and makes getting a mortgage for a homebuilding project even more affordable.”
