Buildstore self build mortgage offers up
The company has also reported that the number of mortgage completions in January was up by almost half, compared to January 2010, signalling the start of a new revolution of homebuilding.
Commenting on the increase in mortgage offers, chief executive of BuildStore, Raymond Connor, said: “Over the past 12 months, we have seen signs of the self build market becoming a more popular alternative, and have noted significant demand and interest in the sector, from prospective self builders, lenders and the construction supply chain.
“The self build lending sector was not immune from the effects of the credit crunch and recession, but, as these figures show, it is certainly recovering well, and we expect this trend will continue, as more people look to move up the property ladder and boost their equity through self build, encouraged by the Government’s policy.
“We will continue to work with lenders to bring funding levels in line with the current demand, and to develop practical and meaningful products in order to serve the sector appropriately. Self build lending continues to offer high-quality, low-risk and profitable business, and with an average LTV of 59%, the self builder is an attractive prospective customer for lenders.”