Self build specialist BuildStore Financial Services has teamed up with Saffron Building Society to provide specialist funding for homebuilders.
The latest figures from BuildStore’s land-finding database, PlotSearch, reveal that more than double the number of building opportunities were snapped up by homebuilders last month than at the beginning of the year, and the database still contains over 9,000 plots, renovation properties and conversion opportunities.
In partnership with BuildStore Financial Services, Saffron Building Society will provide mortgages for self build, renovation and conversion projects, lending up to 85% of the cost of the land or building to be developed, and 85% of building or renovation costs. Additionally, the funds for the build are released during the project in advance of each stage of construction, providing the homebuilder with a positive cashflow.
Andy Golding, Saffron’s chief executive, said: “There’s no doubt that homebuilding projects are a very attractive alternative for homeowners in the current market and the opportunity to secure a healthy chunk of equity along with a home designed and built to suit your needs is certainly appealing. Working with BuildStore