You are here: Home - News -

BuildLoan and Buckinghamshire launch staged-payment self-build products

  • 18/10/2021
  • 0
BuildLoan and Buckinghamshire launch staged-payment self-build products
Self and custom build specialist BuildLoan has launched two new products in conjunction with Buckinghamshire Building Society.

The products offer guaranteed stage payments, based on the cost of each stage of work, rather than the level of available funds being dependent on a lender’s valuation during the build.

Funds are paid in advance of each key build stage, meaning that the funds are released to customers at the point they are required for their project and there are sufficient funds available to meet expenditure before each stage of work starts.

Chris Martin, head of product development and underwriting at BuildLoan, said: “These products tick many boxes for self-builders, with guaranteed stage payments available up-front to ensure that clients get their money when they need it during the build.

The low fee structure is highly attractive and having no early repayment charges provides a lot of flexibility when the build has been completed.”

Claire Askham (pictured) head of mortgage sales at Buckinghamshire Building Society, added: “Self and custom build is an important market for us and we have worked hard with BuildLoan to develop these products with features that self-builders really need. The peace of mind of having pre-agreed up-front stage payments gives clients huge reassurance and confidence that they can finance their build successfully.”

Both products are ERC-free with an initial two-year rate linked to SVR with the first having no product fee and an initial pay rate of 5.50 per cent. The second has a completion fee of £1,499 with an initial pay rate of 4.45 per cent.

Enquiries can be submitted to BuildLoan through its Unicus online platform, which it launched in August. The Unicus platform provides information on upfront cashflow requirements, stage payment schedules and application trackers. It will also offer support and guidance on products including the government’s incoming Help to Build equity loan scheme. 

There are 0 Comment(s)

You may also be interested in