Mortgage News
Ipswich and Buildstore to help homebuilders
Ipswich Building Society has teamed up with self build finance specialist Buildstore to provide mortgages to people building their own homes.
Ipswich will lend up to 75% of the cost of the land and 75% of building costs on the condition that the final LTV does not exceed 75%.
While the demand for self build finance is up 39% on this time last year, Buildstore says homebuilders have found funding difficult to come by.
Raymond Connor, chief executive of Buildstore, said: “Self build finance has become increasingly difficult to come by, and it’s now even more important that people use a specialist to secure the right type of funding to ensure the project is a success.”
Paul Winter, chief executive at Ipswich Building Society, added: “I have always been aware of the significance of the self build market in the UK and been very keen for the Ipswich to be involved in self build lending. With BuildStore’s knowledge and expertise, we can offer added-value lending to a new wave of customers.”
Episode 1: First-time buyers : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries