UK online bank Intelligent Finance has partnered with BuildLoan, the UK specialist in the self build and renovation market, to offer a home refurbishment mortgage for intermediaries under the BuildLoan brand.
<p>The innovative product offers a solution to cashflow problems home improvers may face when lenders often wait for the work to be completed and inspected by a valuer before releasing the money. <br /><br />The BuildLoan Refurbishment Finance will lend up to 95% of the cost of the property being improved and will then release a further 95% of the costs of the improvements in phases at the start of each stage of the refurbishment. The total amount available for lending will be capped at 85% of the enhanced value of the completed renovation. <br /><br />Other features of the mortgage include an arrangement fee of GBP699, an offset term tracker at the bank base rate of 0.54% for the life of the loan and an early repayment charge of 3% of the total drawdown for the first three years. <br /><br />We are delighted to have teamed up with such an innovator in the renovation and self build market as BuildStore, said Brian Ewing, head of intermediary sales at Intelligent Finance. With more and more homeowners looking to refurbish or extend their properties, we are keen to offer them a competitive offset deal which offers both long-term value and flexibility.</p>