BuildStore Mortgage Services has entered a strategic partnership with L&C Mortgages.
BuildStore is a provider of finance for consumers undertaking self build, custom build, renovation and conversion projects. It will now be the sole provider of mortgage advice to L&C’s homebuilding customers, which will be available to customers across the UK.
The firms said that their partnership recognises the concepts of delivering good outcomes and avoiding foreseeable harm which were formalised in the Consumer Duty rules last year. L&C says it also recognises the need for expert advice in more complex borrowing areas to make sure the rules are complied with and consumers achieve the best possible outcome.
BuildStore’s stage-release products require no formal valuations and have no LTV limits during the build.
Raymond Connor (pictured), CEO at BuildStore, said: “Self-builders’ finance needs vary hugely depending on their personal circumstances and the project they’re undertaking. We provide customers with expert advice to find the right product for their project. In addition, we support them right through their build. We also make sure they’ve costed their project accurately so that they get the money they need at the right time to cover their costs and get their home completed.
“This deal recognises the importance of expert advice and support in the post-Consumer Duty era and we expect this to be the first of many similar collaborations.”
Simon Hendy, chief relationship officer at L&C Mortgages, added: “We’re delighted to launch this partnership with BuildStore. We’ve been focused on improving and broadening the service that we offer our customers. Working with BuildStore will offer greater support to our advisers in meeting their customers’ self-build and refurbishment requirements.
“Buildstore stands out as a partner that excels in its field and sets standards that will dovetail perfectly with the high standards that L&C customers expect. We look forward to working with BuildStore in a market that we expect will only see further growth.”