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BuildStore mortgages eases flow for property renovators

Specialist mortgage provider BuildStore is offering a new loan which is designed for people renovating properties.

It says the loan will help borrowers get over initial cashflow problems.

Lenders will normally only release money for property improvements once work has been finished and inspected by a valuer.

The BuildStore home improvement mortgage will offer borrowers up to 95 per cent of the property value through Skipton Building Society and Lloyds TSB Scotland before the property has been renovated and then an additional 95 per cent of the costs of improvements.

The money will be released at the start of four separate stages during the improvements.

The first stage covers money used for demolition and roofing, the second installation of services, the third practical completion of rooms and the final amount covers installation of kitchens, bathrooms, doors and decoration.

Managing director Raymond Connor says: “We are keen to develop products which give intermediaries solution to their clients needs. The positive cashflow provided by our new loan will make it easier for their clients to afford to buy and improve a sub-standard property.”


Interlink Premier firms win court delay

Former Interlink Premier Network members have gained a court adjournment they hope will prevent their former network hanging on to their renewal commission. Members have asked the court for more time to prepare for the hearing which will decide whether the renewal commission from providers belongs to the members. Interlink ceased trading on March 18 […]

Mortgage 2000 – Platform Buy-To-Let Lifetime Tracker

Type: Buy-to-let tracker mortgage Tracker term: Lifetime of loan Tracker rate:0.99% above Bank of England base rate Payable rate: 4.99% Minimum loan: £25,001 Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £500,000 Income multiples: Rental income must be at least […]

Pegrum to get dual fund role

Star UK fund manager Neil Pegrum, who last week left Insight Investment after less than 18 months, is set to manage both a hedge fund and a long-only portfolio for his new employer Cazenove Fund Management. Pegrum, who had spent 15 years at M&G, is due to run a focus fund for Cazenove when he […]

FSA says Ranson too old to pursue

Former Equitable Life appointed actuary and chief executive Roy Ranson is to be let off the hook by the FSA for his role in the insurer&#39s downfall because of his age. The FSA, which, contrary to reports, has denied it wants to ban Ranson&#39s successor as appointed actuary and eventual chief executive Chris Headdon from […]


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