Renovation & Conversion FAQS

Here are some of the most common questions customers have when it comes to financing a renovation or conversion project.

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Renovation & Conversion

Renovation & Conversion Mortgage FAQs

Not necessarily. With a cost based advance stage payment mortgage you can start your project with a relatively small deposit and borrow up to 95% of your property costs and up to 95% of your build costs.

If you do have substantial savings however or access to other cash then you may prefer to use an arrears stage payment mortgage. Whatever your circumstances our advisers will find the best product to suit your needs.

This will depend on how you wish to finance your build and how much cash you have in savings. If you choose an arrears stage payment mortgage then you will need sufficient money for a deposit of between 15 and 25% of the property cost as well as money to pay for the materials and labour for the early stages of the building works. If you do not have sufficient savings then you may decide to sell your current house before starting your new project,

If you don't want to sell your existing house and move into temporary accommodation before your new home is complete then a cost based advance stage payment mortgage may be right for you. Receiving guaranteed stage payments in advance, based on your project costs will ensure that cashflow is not an issue during the project so you can continue living in your current house until you are ready to move. No costly furniture storage, no caravan on site - Accelerator is convenient and flexible.

No - at BuildStore Mortgage Services we have around 40 different mortgages from our exclusive panel of leading lenders. Our products provide a range of different criteria and our expert advisers can look at your individual project and circumstances to find the right product for you. They also have access to a wide range of mortgage options, so they will be sure to recommend the most suitable option for you

Our specialist mortgage advisers will talk through your project and finances carefully to ensure they fully understand your requirements. They will then make a recommendation on the right mortgage for your circumstances. All of our advisers specialise in renovation and conversion mortgages and are trained to give you expert advice tailored to your individual needs.

Talk to our mortgage advisers now and we can start the ball rolling even before you have found a project. We can talk you through the various options for financing your renovation or conversion and work out how much you can borrow based on your current finances and commitments. We can also review your existing mortgage and , for example, arrange a remortgage with a cash draw down facility that will make it easier to put an offer on a property as soon as it becomes available.

To enable money to be released in advance and provide a positive cash flow, BuildStore has designed a unique additional cash flow benefit scheme. This provides the additional security needed by the lender to not only allow them to release money at the start of each stage of the build but to also allow a higher percentage of the costs to be lent during the project by some lenders.

The scheme ensure that you can borrow the amounts you need for each stage when you need them as the funds will be released as per the cost of your building work and will not be subject to confirmation by a mortgage valuation at every stage.

No. BuildStore's specialist mortgage advisers have access to a wide range of mortgage options so if they consider an arrears renovation or conversion mortgage to be more suitable for you, once they have established your circumstances, that is what they will recommend.

One of the benefits of renovating a property is that it is better value than buying a completed property. One area you get better value is in stamp duty as you only pay this based on the purchase price of the building being renovated and not on the value of the completed house.

We appreciate that you may prefer to discuss your mortgage requirements face to face with an adviser rather than over the phone. That is why you can meet an adviser at The National Self Build & Renovation Centre in Swindon or at our offices in Livingston. We recommend calling to arrange an appointment with an adviser before making a special journey.

Call 0345 223 4888 to speak with one of our advisers or request a call back online. Lines are open between 8.30am and 7.00pm Monday to Thursday, 8.30am to 5.00 pm on Friday and 10.00 am - 1.00 pm on Saturdays.

At BuildStore, our mortgage rates range from around 3.99% up to 5.99% but the rate is less important for this type of mortgage because interest only payments are available and you will only pay interest on the funds drawn down at any one time during your project,