how to advise on self build
Your responsibility as a broker is to ensure that the product you are recommending is fit for purpose. It’s important to understand you are facilitating a build, and there’s no point having funding agreed – if it’s not available when needed.
Three things to consider before making your recommendation.
There are three key areas you need to take into consideration before making your recommendation – build costs, cashflow and construction type.
All of these can be taken care of under Unicus, BuildLoan’s new mortgage platform which will generate a range of suitable products against which you can advise.
WHAT YOUR CLIENT IS BUILDING
Before you can start looking at mortgages for your client, you need to understand what your client is looking to build and what they’re looking to build out of as there are so many different construction types and each construction type will dictate different cashflow requirements.
HOW MUCH IT WILL COST
Your clients will need detailed costings for their project. Compiling these in sufficient detail for the lender can prove challenging and time-consuming. At BuildLoan, we offer a Mortgage Cost Forecast service. Your clients can have their costings prepared by a team of professional estimators with decades of experience of homebuilding projects.
HOW THEY’LL PAY FOR IT
When it comes to arranging a mortgage for a customer who wants to build, renovate or convert a home, it’s vital the cashflow is matched to their individual project. But, how do you go about researching the right product for your clients and how do you ensure the cashflow matches their project requirements?