Finance & Warranty

Finance for Your Glosford SIPS Home

BuildStore is the UK’s leading mortgage brokerage, specialising in mortgages and finance designed specifically for homebuilding projects. Their specialist mortgage advisers will recommend and tailor borrowing solutions to your financial circumstances, design and build specifications, and payment schedule. They fully understand the products and systems that Glosford SIPs supply, along with the stage payments you will require to support the progression of your SIPs home.

At BuildStore, they understand the complex and specialist experience required when financing self-build homes using SIPs construction. They have built solid relationships with lenders and created more than 70 exclusive mortgages, designed specifically to solve the common issues faced by individual homebuilders.

These unique funding solutions set them apart from other mortgage brokers, allowing them to help many customers who otherwise might not have had the opportunity to build their dream homes.

How Do Self Build Mortgages Work?

Self-build homes are built and paid for in stages, and you’re unlikely to be able to draw enough from the value of your plot alone to cover all your costs. Self-build mortgages therefore release funds in stages as work progresses, rather than as a single payment.

There are two types of self-build mortgages: valuation-based and cost-based. These two product types have very different features, so it’s essential to understand how any mortgage you choose will work—particularly how the lender determines how much money to release at each stage of your build.

Valuation-Based Mortgages

Valuation-based stage payment mortgages release funds after each stage of the building process is completed and a lender’s valuation shows an uplift in value. This means you won’t know how much money you’ll receive until after each stage has been inspected, so there is a real risk you won’t get the funds you need, which could bring your build to a halt.

These mortgages may be more suitable for traditional building methods, where costs are more evenly distributed throughout the build, where you already own your plot and have built-in equity, or where you have significant personal funds available to contribute.

Cost-Based Mortgages

Cost-based stage payment mortgages provide guaranteed stage payments based on your build costs. Funds can be released either before or after each build stage, depending on your payment schedule.

There are no valuations during the build, so stage releases are agreed as part of your mortgage application. This type of mortgage is exclusively available from BuildStore and works particularly well with Glosford SIPs construction, as it allows you to receive funds from the lender towards the cost of your SIPs system before it even arrives on site.

How Much Can You Borrow?

How much you can borrow depends on your personal financial circumstances. Like any mortgage, lenders will assess your income and outgoings to calculate what you can afford.

For a valuation-based self-build mortgage, the funds your lender releases are typically limited to 80% of their valuation of your site at each stage so you won’t know how much is available to you until you request the next release.

With BuildStore’s higher lending percentages, you could borrow up to 95% of your total build costs (or 100% if you already own your plot), with a maximum of up to 85% of the expected end value of your home. What’s more, you’ll be told at the application stage exactly how much you’ll receive at each stage, guaranteed.

The BuildStore Difference

• Specialist knowledge and expertise
• Industry-leading interest rates
• Exclusive products and lender partnerships
• Interest-only payments during the build
• Guaranteed cost-based stage payments aligned with your costs
• Ability to remain in your current home until your new one is complete
• Tailored cash flow management to suit your payment schedule
• Borrow up to 95% of land and build costs