How Advance works

Stage payments

When you are building a house you need money to pay costs as they are incurred. Advance therefore releases money to you in stages. The stages are flexible and vary depending on the type of house you are building or renovating. There are typically six stages running from purchasing the land through to completion and BuildStore will help you to work out what it will cost at each stage and how much you need to borrow.

High borrowing percentage

You can borrow up to 95% of the cost of the land or building you are going to renovate and 95% of the cost of the build. This means that if you want, you only need to fund a small percentage of your project from savings and investments during the build.

Borrow in advance

Traditionally, self build lending has been done in arrears with the money released at the end of each build stage after an interim valuation has been carried out. Advance is different. With Advance, money is released at the start of each stage of the build giving you money when you need it and allowing you to pay your bills when they fall due. This positive cash flow puts you in control, allowing you to purchase materials and labour more cost effectively. In addition, with Advance there is no need for interim valuations so you will avoid the costly delays that they can cause during your build.

This combination of positive cash flow and the ability to borrow a high percentage of your costs enables you to complete your new build without having to sell your current house and move into rented accommodation or a caravan on site.

The additional cashflow provided by Advance short term borrowing is provided by an Additional Cashflow Benefit Scheme.