Buildstore’s Accelerator wins award
More than ten years after its launch, the unique Accelerator was awarded the best self build mortgage in the Finance category.
The Accelerator has been backed by a number of lenders, including the Skipton Building Society, the Bath Building Society, the Hanley Building Society, the Melton Mowbray Building Society, and the Saffron Building Society, who have teamed up with BuildStore to provide funds specifically for this unique and sought-after mortgage
With the Accelerator, homebuilders can get chunks of money to finance each stage of their project, from the purchase of the plot or renovation property, through to completion. Before the Accelerator was developed, self builders could only get access to mortgage funds after each stage of the build had been completed, despite the substantial upfront costs involved in acquiring a plot and building a house. BuildStore recognised that cash is king for self builders, and master-minded a funding option that allows a positive cash-flow. The Accelerator releases funds (up to 85%) in advance for land purchase and up to 85% of the cost of the build, at the beginning of each stage of the build process.
Award judge Michael Holmes, editor-in-chief of Homebuilding & Renovating magazine, commented: “The Accelerator Mortgage has opened up the world of self-build to thousands who would not otherwise have afforded to build and as such is a truly worthy winner of the Finance category in the Self-build Product Awards 2010.
“It’s rare that a product can truly be said to help bring dreams to life, but in this case it’s no overstatement: there are thousands of self-build homes that quite simply would not be here today were it not for the Accelerator mortgage.
“This award also gives recognition to the important role played by Buildstore Financial Services in bringing new lenders into the self-build market, and in developing new financial products tailored for the specialist needs of self-builders and renovators.”