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L&G partners with BuildLoan

Legal & General Mortgage Club has added BuildLoan to its proposition to offer members access to self-build and renovation finance.

BuildLoan is a UK self-build and renovation lender, which offers borrowers a stage payment system in advance during a project.

L&G director of mortgages Ben Thompson says: “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.”

BuildStore chief executive Raymond Connor says: “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.”

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