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Cost Based Mortgage

Cost Based Mortgages

Stage payment mortgages can be guaranteed based on your costs (cost based mortgage), or rely on an uplift in value throughout the build (valuation based mortgage).

A cost based mortgage provides you with peace of mind that funds will be provided as and when required throughout your homebuilding project, even when there has been no uplift in the value of works completed.

Maybe you’ve decided on an off-site manufactured building system e.g. a timber frame or insulated concrete formwork (ICF), which needs to be paid for in full before leaving the factory.

This is when a cost based mortgage comes in handy because it ensures you’ll have the cash required to meet your supplier’s payment terms, if materials have to be paid upfront. And, as a cash buyer, you also gain the benefits of the best deals and time restricted offers on materials being up for grabs.

BuildStore has created a range of unique cost based mortgages that allow funds to be released before or after each stage of work is completed, dependent upon the agreed payment schedule.

Some main features of a cost based mortgage includes borrowing up to 95% of your plot and build costs, so a minimum deposit of only 5% is required to start your homebuilding project (dependent upon your personal circumstances). It also means you have a mortgage tailored to suit your payment schedule, the flexibility to opt for interest only repayments until the build is complete, and to stay in your current property until your new build is complete to avoid unnecessary upheaval during the build.

BuildStore gives you access to exclusive mortgages available from top lenders in the UK, with expert advisers on hand to provide advice and support throughout the entire process.

You contact us online or by phone today to discuss the type of mortgage support you need to make your dream homebuilding project a reality.