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Self build case study – Ipswich Building Society

Written by Ipswich Building Society

25 Aug 2020

Tags

Case Spotlight, Renovation, Self build

3 min read

Earlier this year our BDM, Ian Stockley, answered an enquiry from Mat Stock of Matthew Stock Mortgage Solutions – Mat’s clients were struggling to find a lender to assist with a self build mortgage for their large scale renovation project.

Previously, the clients had approached a different broker, who went to another lender – but the application was downvalued and declined. Luckily for them, when they spoke to Mat, he knew to contact us.

The case:

  • Two ‘older borrower’ applicants aged 55 and 57, seeking a 13-year term
  • Remortgage of £300k required to fund a significant extension to their property, which was purchased for £385k. Once the works are complete the valuation is expected to be around £1.2m
  • Plans included investment in feature pieces to complement the style of the extension, including a £4k feature staircase
  • Eco-friendly build including air source heat pump and natural cladding

Due to delays with previous lender the clients needed urgent funds to continue and complete their build.

The result:

Our sales and lending teams were able to work closely with the broker and found a way to assist the clients with the mortgage they needed, with the case completing in just under a month.

Now, the build is almost complete with just the kitchen and bathrooms to be fitted. Once the property has been signed off and a final valuation received, the borrowers will be able to switch penalty-free to one of our standard residential mortgage products should they choose to do so.

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Useful resources:

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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