Buildstore mortgage anyone?

knithryn

I'm looking at purchasing a renovation opportunity.
Has anyone any experience/knowledge of Buildstore accelerator mortgage which advances payments for renovation work?
Until last night I had never heard of them...

emptysuit

Hi, I am organising a self build via Buildstore at the moment. My broker who is a good friend has recommended them to me as a good specialist in this area of the market. I do understand however that the accelerator mortgage is currently not available and that the only deal on offer is where all payments are in arrears, in other words, you pay first and then reclaim at the end of each stage. I have been told that the accelerator my be re- introduced when the market place improves. Give them a call to check this out by logging on to their web stite.Sorry for the vagueness but thats all I know at present.

selfbuildexpert

Hi there,
The Accelerator mortgage is still available, directly through BuildStore - you can borrow up to 95% of your land (or renovation property) purchase and get up to 95% of your build costs, released up front, in advance of each build stage - this means you can get your hands on the cash you need to buy your building materials, and pay your builders, etc.
Give them a call on 0870 870 9991. They can also lend for home improvement projects. I believe they have won a lot of awards for the Accelerator - its been around for about ten years, and it has a good reputation. Buildstore have also been around for about a decade.

gil7006

Just completed on a buildstore accelerator mortgage. Excellent to deal with and no problems obtaining the cash.Fees are a bit high but the product is unique and is ideal if you have a small deposit. Start bulding next week and funds will be released to me on request within 3 days of each build stage.

Llyllyll

I’ve been looking at doing a self build for quite a while now but have not found a suitable plot as yet.

I’d would be extremely grateful though if any of the posters who are starting to build or who have actually completed could post the percentage of their projected land/building cost (e.g. 33% land/ 67% building) and if you are willing to post actual figures that would be great.

Being naturally risk averse I really need to know whether the (fairly detailed) figures I’ve got are practical to go ahead with when I find that ideal plot.

Thanks in advance.

selfbuildexpert

Typically, a sensible budget is breakdown is as follows:
40% Land
25% Labour (although this depends on how much of the work you plan to do yourself)
20% Materials
10% Fees, Insurance & warranties
5% contingency - this should be 10% of your build cost budget, and therefore represents between 5% and 7% of your total project spend.

You could also read some of the self build magazines- they feature case studies, and include a detailed spend for each one. Build It and Homebuilding & Renovating are probably best for this type of info.

Have you tried PlotSearch for available land plots?

Llyllyll

selfbuildexpert wrote: »

You could also read some of the self build magazines- they feature case studies, and include a detailed spend for each one. Build It and Homebuilding & Renovating are probably best for this type of info.

Have you tried PlotSearch for available land plots?

Thanks. Have already done all this so hopefully I'm on the right track.