Self build mortgage offers rise at Buildstore
Self build and renovation specialist BuildStore has announced a 30% increase in self build mortgage offers in the last three months to April, compared to the same period last year.
The company has also reported a similar year-on-year increase in the number of mortgage completions, signalling a growing trend for building your own home.
Whilst the wider housing market is still slowly recovering, the self build market is performing relatively well, especially with the Government’s pledge to grow the sector to the same levels of European countries, which are up to five times larger than the UK market.
BuildStore, a member of the Government-Industry Self Build Working Group tasked with developing polices to help achieve that growth, has seen demand in both its land and finance divisions grow steadily in recent months. Already this year, it has launched lending partnerships with three new entrants to the self build market, offering both traditional and advance self build mortgages.
Commenting on the increase in mortgage offers, chief executive of BuildStore Financial Services, Raymond Connor, said: “There has been significant demand and interest in the self build market, not just from prospective self builders, but from mortgage lenders, the construction supply chain, and public sector housing providers.
“Self build and self procurement are set to become a more significant contributor to housing supply, and as the Government implements its new policies to support the sector over the coming months, we expect that demand will continue to grow.
“The self build lending sector is recovering well, with increasing capacity from lenders. Self build lending continues to offer high-quality, low-risk and profitable business, and with our exclusive financial protectionproducts, we will continue to work with lenders to bring self build funding levels in line with the current demand.”
Source: Mortgage Introducer