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Pink offers self-build loan

Pink Home Loans is joining forces with specialist mortgage provider BuildStore to offer a self-build loan.

The move means BuildStore&#39s BuildLoan range of self-build and renovation loans are available to intermediaries through PHL.

The BuildLoan product is designed to release money to the borrower at the start of each stage of a selfbuild project. It allows them to borrow up to 95 per cent of the value of the land or the property they wish to renovate and up to 95 per cent of the cost of the building work.

There is a procuration fee of 0.25 per cent of the loan subject to a minimum of £250 and a maximum of £650.

Managing director Tony Jones says: “PHL is delighted to be linking up with BuildStore. Self-build is a growing area of the mortgage market with 20,000 people now building or renovating their own home each year and 25 per cent of all new detached homes being self-built.

“This niche area offers many opportunities to the intermediary market and Pink is keen to assist brokers by offering a self-build loan from a market leader.”

BuildStore managing director Raymond Connor says: “Since its launch in January, BuildLoan has proved very popular with the intermediary market and we are delighted PHL has decided to promote BuildLoan, helping us reach a wider audience.”

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