BuildStore Finance specializes in construction self-build and renovation mortgages, catering to individuals who are building their own homes or renovating existing properties. Unlike traditional mortgages designed for purchasing completed properties, BuildStore Finance offers products specifically tailored to the unique challenges and financial requirements of self-build projects.
A key differentiator is their understanding of the phased nature of construction finance. Mortgages are typically released in stages, corresponding to the progress of the build. This staged release, often referred to as stage payments or tranche releases, allows borrowers to access funds as needed to pay for materials and labor at each phase of the project. BuildStore Finance works closely with borrowers to understand their project timeline and budget, ensuring that funds are available when required, minimizing delays and cost overruns.
BuildStore offers various types of mortgages to suit different project needs and borrower circumstances. These can include:
- Advance Stage Payment Mortgages: These mortgages provide access to funds before each stage of the build commences. This can be particularly helpful for covering upfront costs such as materials and initial groundwork.
- Arrears Stage Payment Mortgages: Funds are released after each stage is completed and certified by a surveyor. This option might suit those with some savings or access to bridging finance to cover initial costs.
- Remortgages for Renovations: These are designed for homeowners looking to fund significant renovation or extension projects on their existing properties.
Beyond just providing mortgages, BuildStore Finance offers expert guidance and support throughout the self-build process. Their advisors possess in-depth knowledge of the construction industry and can assist borrowers in navigating the complexities of project financing. This includes help with budget planning, cost control, and understanding the various stages involved in a self-build. They can also offer advice on finding reputable builders, architects, and surveyors.
Securing a self-build mortgage through BuildStore Finance typically involves a similar application process to traditional mortgages, including credit checks, income verification, and property valuation. However, it also requires detailed information about the proposed project, including architectural plans, a detailed budget breakdown, and a construction timeline. BuildStore’s expertise in assessing these documents allows them to accurately evaluate the feasibility of the project and determine the appropriate level of financing.
One of the major benefits of using BuildStore Finance is their access to a wide range of lenders specializing in self-build mortgages. This enables them to find competitive rates and terms tailored to the individual needs of the borrower. They act as an intermediary, streamlining the mortgage application process and saving borrowers valuable time and effort. By focusing solely on self-build and renovation finance, BuildStore provides a specialized and knowledgeable service that is difficult to find elsewhere. They empower individuals to realize their dream homes and renovation projects through expert financial solutions.
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