Home Improvement Finance FAQs

Which finance option will be best for funding my home improvement project?

• As everyone’s personal circumstances are different we would never make a recommendation about finance before we have fully understood your needs and your project.  With so many different ways of funding home improvements it is crucial that you speak with an expert to find the best possible solution.

Does BuildStore only use one lender for home improvement finance?

• No.  We have access to the whole of the mortgage market allowing us to offer you a range of lenders and mortgages to suit your project.  There is also a choice of lenders for our exclusive Ideal Home Improvement Mortgage.

Will I need a lot of savings for a home improvement project?

• Not necessarily.  With an Ideal Home Improvement Mortgage you can start your project with a relatively small deposit by borrowing up to 90% of the purchase price of the property and up to 90% of the cost of the building works

How can BuildStore make advance stage payments but other home improvement mortgages do not?

• 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 required 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 ensures 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*.
• The cost of the scheme is met by you through the Additional Security Fee but the savings made by not needing interim valuations at each stage of the build and the benefits of the positive cash flow provided mean that the overall cost of the project can be lower. In addition with most lenders because you are not waiting for valuations to be carried out before each stage payment is released, money is released more quickly, speeding up the completion of the project.
• The average Additional Security Fee is between £700 and £1200 depending on lender.

Do I have to deal with you by telephone?

• We appreciate that you may prefer to discuss your mortgage requirements face to face with an advisor rather than over the ‘phone.  That is why you can meet with an advisor at The National Self Build and Renovation Centre in Swindon or the Scottish Self Build and Renovation Centre in Livingston (we always recommend calling to arrange an appointment with an advisor before making a special journey).

*Some lenders reserve the right to ask for an interim valuation later in your project to check on progress and Skipton Building Society require interim inspections at every stage.