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Firm targets IFAs with self-build mortgage deal

Self-build specialist BuildStore is offering an intermediary mortgage product in a bid to help IFAs with clients looking to build their own home.

BuildLoan allows up to 95 per cent of the land purchase price and costs of construction to be borrowed in advance to enable customers to build a new house without having to release equity from their existing home.

Most self-build loans rel-ease funds in arrears, forcing borrowers to sell their existing property first or enter credit agreements with suppliers.

Funded by specialist lender Verso, the self-certification mortgage tracks the Bank of England&#39s base rate plus 1.25 per cent until the end of the term.

Maximum loan is £300,000 at 3.5 times main income plus one or 2.75 times joint income.

Redemption penalties are 3 per cent in the first year, 2 per cent in the second and 1 per cent in the third. Bro-kers get an introducer fee of £200.

Marketing and product operations director John Hay says: “Interest in self-build has been growing in recent years and, from feedback from brokers, we think there is a dem-and for a product which pays them for introducing business they would usually have to turn away.”

Charcol sales manager Colin Bell says: “It is a very competitive product, even compared with self-certification loans that are not self-build. We expect to do some decent business with it.”


High Court approves Equitable compromise proposal

Equitable Life has won the first round of its battle to achieve the compromise deal which will rescue the ailing life insurer. Mr Justice Lloyd ruled on Monday in the High Court that Equitable may send its compromise scheme to policyholders for voting. Chief executive Charles Thomson says: “This marks the end to an intensive […]

Lynx profits up 20 per cent

Bankhall&#39s parent company Lynx has announced a profit of £11.2 million in the past year, up 20 per cent from its £9.3 million profit in 2000.In its annual results for the year ending September 30 it also confirmed it is in discussions with may lead to an offer for entire company at 120 pence per […]

Bankhall owner Lynx in talks on takeover

Lynx, owner of the UK&#39s second-biggest IFA grouping, Bankhall, has confirmed that it is in talks with a possible buyer.The company, which is valued at £178m, confirmed last week that it had entered into exclusive discussions which may lead to its sale at 120p per share.Speculation is now rife about possible suitors for the company, […]

Before the flood

Most people like a small flutter such as backing a horse in the Grand National. If they win, great. If not, it does not really matter, the stakes involved are not high and it is unlikely to make a big difference to their lives.Each year, however, millions of households take a much bigger gamble and […]


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