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Mortgage Advice Bureau in link-up with BuildStore

  • 25/01/2013
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Mortgage Advice Bureau has launched a strategic partnership with self-build specialists BuildStore in order to capitalise on the growing new build markets.

Speaking at MAB’s conference in Derby, the group’s head of new homes Andy Frankish told brokers that it had partnered with the firm to capitalise on its knowledge in the sector.

“I’m delighted to announce that we’ve partnered with the UK’s leading self-build specialist BuildStore with a joint venture. Which will become the network’s specialist adviser to both our ARs and our customers.

“Custom build is the government’s plan to enable people to build their own homes more easily. The theory is that if you build your own homes it takes out the builders’ profit margin and makes homes more affordable.”

Frankish added that brokers need to diversify their offering if they are to take full advantage of the current market.

He said that continued government promotion of new and self-built homes was an opportunity brokers could capitalise on.

“The government plans to push new build and you could see this market double in the next few years.

“When MAB and Mortgage Talk began to discuss a merger it is became clear that new homes would be the driver in the market.”

“The government also plans to help people build their own homes more easily and we have partnered with Build Store to capitalise on this.

“But we are still discriminated against by a number of lenders in their criteria. We want to work with lenders to see what we can do to encourage them back into this sector and make sure that mortgage terms for new builds are the same as for second hand homes.”

Brightstar Financial CEO Rob Jupp added that bridging was proving another popular avenue for brokers to diversify into.

“If you don’t get into bridging your competition will.

“2013 will be the biggest year for bridging ever. Specialist lending is entirely dominated by intermediaries, there is no direct competition. If you’re not doing specialist lending someone else will be.”

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