BuildStore Accelerator Mortgage
Accelerator Makes Builds Happen
Do you dream of building your own home? Think you can’t afford it? Think again – the Accelerator mortgage has enabled over 13,000 people build their own house.
Accelerator is unique in that it gives you money before each stage of your project starts meaning you have the cash to pay for labour and materials before the work begins.
What’s more, with Accelerator you can borrow up to 95% of the cost of the land and up to 95% of your build cost and your stage payments are not subject to confirmation by a mortgage valuation at each stage (although some lenders reserve the right to ask for an interim valuation later in your project to check on progress). With an arrears mortgage your lender will require a valuer to visit the site at the end of each stage and submit a report to the lender before they will release any money.
See an illustration of the difference an Accelerator mortgage can make to a self build project.
Features |
Benefits to you |
|---|---|
Borrow up to 95% of your land and build costs. |
This allows you to get your project underway with only a 5% deposit. |
Stage payments made in advance of each stage of the build. |
Having money when you need it puts you in a stronger negotiating position when buying materials and labour and lessens the risk of workmen leaving the site because they have not been paid. |
Range of lenders and interest rates. |
BuildStore works with a number of different mortgage lenders, including Skipton Building Society, the Hanley Economic Building Society and BM Solutions to ensure you can choose a mortgage type and interest rate to suit your particular circumstances. |
Purchase land with only outline planning permission. |
Some lenders will only lend on land which has detailed planning permission which can take months to arrange. With an Accelerator mortgage you can move quickly to secure your ideal plot with only outline planning permission as soon as it becomes available. |
Self certification option for the self employed |
Accelerator is available on a self certification basis and enjoys all of the usual Accelerator benefits including low deposits and advance stage payments. |
Additional Cashflow Benefit Fee
To enable money to be released in advance of each stage, BuildStore has designed a unique additional cash flow benefit scheme. This provides the additional security required by the lender to allow them to release both a higher percentage of the costs and money at the start of each stage of the build.
The scheme ensures that you can borrow the amounts you need for each stage as the funds will be released according to the cost of your building work which is agreed at the start and will not be subject to confirmation by an interim valuations after each stage.
The cost is met by you, the borrower, by paying the Additional Cash Flow Benefit Fee but the savings made by not needing interim valuations at each stage of the build and the benefits of the positive cash flow provided mean that the overall cost of the project could be lower. In addition because you are not waiting for valuations to be carried out before each stage payment is released, money is released more quickly, speeding up the completion of the project
For further information please download our Guide to Advance Stage Payments.
Tools and calculators
To help you calculate the finances for your project we have a range of mortgage tools and calculators to work out how much you can borrow and the cost of your borrowing. You can even calculate the cost of your build using our handy build cost calculator while our on-line mortgage advisor can help you find a self build mortgage to meet your specific requirements.
