- Financing a Renovation or Conversion
- How Renovation & Conversion Mortgages Work
- Compare Advance and Arrears Self Build Mortgages
- BuildStore Accelerator Mortgage
- Renovation & Conversion finance FAQs
- Protecting Your Mortgage
- Renovation & Conversion Mortgage Rates
- Tools and Calculators
- Finance Articles
BuildStore Accelerator Mortgage
Do you dream of renovating or converting a run down property into a comfortable family home? Think you can’t afford it? Think again – the Accelerator mortgage from BuildStore has enabled over 13,000 people create their own homes.
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.
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. |
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 high 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.
The cost is met by you, the borrower, by paying the Additional Cash Flow Benefit Fee but the benefits of the positive cash flow and the fact that for most lenders you do not need to pay for an interim inspection mean that the overall cost of the project can be lower
