About 20,000 people build or renovate their own homes each year – and self build now accounts for 12% of new homes built each year or 25% of all new detached homes.
Ben Thompson, Director, Mortgages at Legal & General said: "With the housing market as flat as a pancake, there is a demand out there from clients who want their own ‘Grand Design’. We’re therefore adding a new dimension to the Mortgage Club by partnering with BuildLoan and creating a new potential revenue stream for advisers. It is another string to our bow and we’ll keep on adding value to the Club offering.
"Advisers will benefit from proc fees on exchange, which are better than that on offer if approaching BuildLoan direct. The importance of certainty and timeliness on payment of fees cannot be underestimated in this market."
Raymond Connor, BuildStore’s Chief Executive said: "The key to a successful project is cashflow – getting money at the right time to pay bills and keep the build progressing. However, many intermediaries are unaware of the importance of this when advising on self-build mortgages. At BuildLoan we help the intermediary identify the client’s cash requirements during a project and our advance stage payment scheme can keep their client cash positive during the build."
The Legal & General Mortgage Club, one of the biggest in the country, acts as a one-stop-shop for mortgage advisers to access lenders. With more than 9000 members who are either directly authorised or appointed representatives of Legal & General’s network (LGPSL), the Mortgage Club has the weight to negotiate the best exclusive deals with lenders. Advisers can use the Club to access almost all lenders in the UK market from one portal.
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