FOR INTERMEDIARY USE ONLY
Broker Help Desk
0345 223 4447

Our Process

Our process is designed to make handling this type of customer easier and help you operate efficiently in this market. You and your client will receive first class support throughout their homebuilding project.

To help you understand what you can expect from us take a look at the process flow below.  The areas in grey are those where we we offer support and guidance to you and your clients.  All responsibility for advice remains with you the broker.

 

When you receive an enquiry, a member of the BuildLoan Broker Desk will discuss your enquiry with you in full. Our advisers are on hand to answer any questions, you or your clients may have. Our handy intermediary and client guides containing lots of helpful information, can also be downloaded from the broker zone on buildloan.co.uk.
If it sounds as though your case will fit with our lenders, the first step is to send you our Self Build Questionnaire (SBQ) for completion with your client. This SBQ comes with guidance notes to enable you to confidently prompt your clients, as required. This can be done over the telephone and will take around 30 minutes.
On receipt of the completed SBQ, your case will be thoroughly and quickly reviewed and we will help you identify the range of lenders that match your client's individual requirements, from the BuildLoan panel. We will then provide you with the lender application forms for completion.
At this point, its over to you to produce the KFI and suitability letter and get the application forms completed.

BuildLoan products can be sourced on Trigold, Mortgage Brain and Twenty7Tec.
On receipt of the completed application form, we’ll check it over thoroughly prior to sending it over to the lender for a Decision in Principle. A fee of £95 is payable at this point before DIP requested.
We’ll secure a Decision in Principle from the lender to say that in principle they will lend a certain amount to your clients based on the information received.
On receipt of a Decision in Principle, your client's file will be passed to our team of experienced in-house case managers for initial assessment. Lenders may provide a DIP based on specific conditions outwith normal lending criteria for full application. Your case manager will compile a final list of items required from your client and once DIP approved, they will work with you to collate all of the required paperwork from your client.
Self build lenders require sight of detailed project costings prior to assessing your clients case and issuing a mortgage offer. Collating this information with sufficient detail for the lender can be challenging, stressful and cause delays. Clients can fast track this stage with BuildLoan's project costings service - just £100.

This service not only speeds up this part of the process, it also provides your client with the reassurance that prices they've been quoted are the most competitive and helps identify areas where savings could be made or a better deal found. Nobody wants to get halfway through their project and have to borrow more because they've been misquoted.
Once your client has their costings, these will be passed to our Project Support Team for a thorough review to satisfy the lender. Where your client has already utilised our costings service, they can skip this step. If not, their costings will be carefully assessed to make sure costs are realistic. Each element will be verified by our team of experts for accuracy and where costs appear low, our team investigate why - for example your client might be a builder or have friends or family who are tradesmen offering cheap or free labour.
Once your client's costing evaluation is complete, their case manager will produce a tailored cashflow for them, to ensure sufficient funds are available at every stage of their project. This will form your client's stage payment schedule and it will be the amount they have to spend at each stage allowing them to budget accordingly.
When all of required documentation has been received, your BuildLoan Case Manager will prepare your case to be packaged to the lender. Occasionally, depending on the lender, valuation may be instructed before case is packaged.
Once the lender receives the full package and valuation, they will underwrite the mortgage and instruct valuation. Because this type of mortgage is individually underwritten the lender may come back with additional queries. Your case manager will work with you and your client to collate this information. On receipt of your client's formal mortgage offer, the BuildLoan arrangement fee of £600 becomes due.
Once your client receives their mortgage offer, it's a good time to review their insurances. They may have already have had a quote for site insurance and a warranty because we need to advise the lender who is going to be providing these insurances pre offer. These can now be firmed up and arrangements made to ensure they are ready to go on risk for completion. If quotes have not yet been provided, your BuildLoan Client Manager can help arrange these for you, if required. This is also a good opportunity for you to review their life cover and other protection needs.
Once your client's solicitor has submitted their Certificate on Title to the lender, they will organise your client's first drawdown of funds. Your BuildLoan case manager will be on hand to liaise between all parties ensuring funds are released without delay.

Prior to this initial stage release, they will be required to pay their Additional Security Fee (£1300 - £1500 estimate). On mortgage completion, a pack containing information on how to request further stage payments and the necessary forms will be issued to your client. Subsequent stage payments will be requested by your client's solicitor.
We will remain in touch with your client throughout their project to ensure that things are progressing smoothly and to plan. Our stage release team will ensure your client’s subsequent funds are released without delay.
We’ll alert you so that you know when your client is approaching the end of their project.

It’s a good idea to review their ongoing protection and general insurance requirements at this stage
This could happen as much as two years from their initial enquiry. Because we stay closely in touch with your clients, we’ll alert you to let you know when this is happening.