KFIs for BuildLoan self build and renovation mortgages are available from sourcing systems. All products are listed under BuildLoan and not the lender.
The Additional Security Fee
BuildStore has developed a scheme which provides lenders with the additional security they need to offer more generous loan facilities - up to 85% on land costs and up to 85% on build costs and in the case of Advance Stage Payment Mortgages - money before each build stage.
The scheme requires the borrower to pay a fee so that they can take advantage of these benefits based on the loan to cost of the project. The amount paid varies but is based on the maximum additional cashflow required during the project. An accurate quotation of the fee will be given to your client once they submit their project costings to BuildStore. This fee will be refunded if the mortgage does not complete.
Showing the Additional Security Fee on KFIs
Mortgage Brain and Trigold - both systems show the average fee and the appropriate wording regarding it being an estimate and that it will be refunded if the mortgage does not complete.
We’ve prepared a series of short guides showing how you can find the self build filter when sourcing for self build and custom build mortgages.