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£30M fund aims to help self-builders

Housing minister Grant Shapps has announced he is launching a £30m fund to provide short-term finance for self-build projects in a bid to double the size of the self-build industry.

The fund will provide short-term finance to help unlock projects where groups of self-build homes are constructed at the same time.

The Government says these projects have been held back in the UK because of reluctance by lenders to provide finance. Self-build groups will be able to bid for part of the £30m pot to help fund land acquisition and early development costs.

Shapps says he is writing to key players in the mortgage market, highlighting the business case for lending to self-builders.

He says: “Self-build is good news for the economy, so I am writing to lenders and encouraging them to use their own industry’s toolkit to see how they can lend to those who want to build their own homes and expand into this growing market.”

FSC Investment Services managing director Frank Cochran says: “£30m is a drop in the ocean. With so many repossessed properties, why would anyone want to build a new one?”


Lloyds and Co-op propose hybrid deal over branch sale

Lloyds Banking Group and The Co-operative Bank have presented a hybrid proposal to the FSA which would allow the Co-op to acquire the 632 branches being sold off by Lloyds. Lloyds’ branch disposal, named by the bank as ‘Project Verde’, is a requirement by the European Commission as part of Lloyds receiving state aid in […]

Standard lays out charging structure

Standard Life has unveiled its adviser-charging structure and will unbundle its core retail product range as part of RDR pricing changes. The firm will announce explicit charging structures in the summer for its active money Sipp, retail portfolio bond and funds available through the FundZone platform. Where the FundZone platform is used, fund manager rebates […]

Abbey chops 140 fast-track users

Abbey for Intermediaries has notified around 140 advisers that they will no longer be able to use its fast-track facility following a review of their business performance. Money Marketing sister publication Mortgage Strategy understands that those affected are equally split between appointed representatives and directly authorised brokers. There were rumours last week that the measure […]


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


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