Traditional: Typically, you can borrow up to 85% of both the purchase price of your plot or renovation project, and your building costs, which is released once the work for each stage has been completed. This means that you will fund the early stages of the build, and is a good option for those who already own a property or plot.
Advance: Exclusive to BuildStore, the advance mortgage, known as the Accelerator, releases funds at the beginning of each build stage. You can borrow up to 90% of the cost of the land or renovation property and up to 90% of the cost of the building works, thus providing you with a positive cash-flow throughout the project.
At BuildStore, you can run your self build mortgage alongside your existing mortgage, and you don’t necessarily have to release equity by selling your current home to fund the build.
BuildStore’s expert advisers are acutely aware of the importance of matching cashflow to project stage and so will look at your individual situation to work out a tailored package with the lender (subject to valuation) which ensures that adequate funding is available at end stage of your project.
To speak to an expert at BuildStore Financial Services Ltd call 0845 223 4888 or click here.
YOUR HOME MAY BE REPOSSESSED IF YOU DON'T KEEP UP REPAYMENTS ON YOUR MORTGAGE
