The Ideal Home Improvement Mortgage
- Your Questions Answered. 

How can the Ideal Home Improvement Mortgage release funds in advance of each stage?

Lenders have to make sure that the money they lend to you for your project is protected. If they have to repossess a partially refurbished house they need to be sure that they will get all their money back. It is for this reason that most lenders wait until you have completed easch stage and have had an interim valuation carried out before releasing the next tranche of funds.

The Ideal Home Improvement Mortgage releases funds in advance of each stage of your project. The mechanism by which BuildStore can do this is by means of the Higher Lending Charge for Additional Cashflow Benefit scheme.

This is a fee paid by you the borrower, and is based on the loan to cost of the project. This fee gives the lender the additional security required to release money to you earlier in the project than they would normally do.

Will I need to arrange interim valuations before money is released?

No, interim valuations are not necessary. The Ideal  Home Improvement Mortgage is an advance stage payment mortgage and money will be released to you, facilitated by the Higher Lending Charge for Additional Cashflow Benefit at the start of each stage of your project.

Is there a choice of lender?

The Ideal Home Improvement Mortgage is a lending scheme supported by a panel of well known high street lenders. BuildStore created the mortgage concept while each lender partner provides a choice of mortgage products and rates.These lenders are happy to lend through the BuildStore scheme. The lenders we currently work with to provide the Ideal Home Improvement Mortgage are:

Do I need to take out life cover with the Ideal Home Improvement Mortgage?

Refurbishing a property is a huge investment. It is essential that you do what you can to protect your home and to ensure that if something happened to you or your partner your family could continue to live in the home you have created. Life cover is essential cover for your mortgage if either you or your partner dies during the term.

How long does the mortgage application process take?

The first stage in the process is to apply for a decision in principle. This will let you know how much you can borrow. When you are ready to apply, a BuildStore finance advisor will take you through the mortgage application process and recommend the most suitable mortgage product for you.

BuildStore will then provide guidance on completing a ‘cashflow forecast’ which outlines the stages in which your funds will be advanced so that they correspond with your refurbishment sequence.

Once BuildStore receive the supporting documents which verify your details, your application will be processed and after a few weeks you will be sent a formal mortgage offer.

If you are taking out an Ideal Home Improvement Mortgage it is recommended that you have life cover in place. For more information call BuildStore on 0870 872 0908.