BuildLoan creates mortgage for renovators

BuildLoan says many prospective renovators find it difficult to fund improvements because lenders often apply retentions. The company claims its advance stage payment scheme, which releases improvement costs in stages during a project, can help. The new product is a 2-year fixed rate mortgage at 6.09%, with the ability to offset by putting money for future renovation stages into the offset savings account, minimising mortgage payments during the project. BuildLoan says the scheme is also useful for people who wish to extend their home, rather than going through the costly process of movi...