Buildloan sees business increase in 2005
The company reports a continuing upward trend as applications during 2004 increased by 32 per cent against 2003; overall, business has doubled in two years.
The value of BuildLoan’s mortgage applications during 2005 was a colossal £334 million as brokers looked towards the self build specialist BuildStore to help them give their clients the most appropriate products and support for their projects.
BuildLoan enables self builders and renovators to borrow up to 95 per cent of the land costs and 95 per cent of the build costs. And unlike any other intermediary self build mortgage product, stage payments are made in advance during the build so that the client is able to pay for materials and labour costs as they are incurred, ensuring better cash flow. With all BuildLoan products, the borrower can stay in their own home while building a new one.
Head of product development, John Hay says: “For the second year running, BuildLoan has seen a huge increase in business. BuildLoan has now been appointed to all the major intermediary mortgage panels and clubs as their specialist self build provider and this focus has helped boost sales. We are continuing to bring in improvements – for example during 2005 we increased the size of our broker sales team to ensure that we give intermediaries the speed of response and expertise they need when they call us with an enquiry.”