Docstoc

Self build from BuildStore

Document Sample
Self build from BuildStore Powered By Docstoc
					                 Self build
 finance
 from BuildStore
       WITH YOU EVERY STEP OF THE WAY




                  GETTING THE MOST                            PROTECTING YOUR
                  OUT OF YOUR FINANCES                        INVESTMENT
                  FIND OUT WHICH MORTGAGE                     INSURING YOU AND
                  IS RIGHT FOR YOU                            YOUR PROJECT




Call   0845 223 4888 or email enquiries@buildstore.co.uk or visit www.buildstore.co.uk
       Content
       2      s     buildST
                 BUILDI
                            ORe

                 REALISNG HOMES,
                Buildstore ING DRE
                revo      Financial
                                    Serv
                                         AMS
                      lutionis              ices h
                 renovatio ed the self build as
                            n market            and
                 our finan             –
                           cial expert discover how
                turn your             ise
                           dream ho can help to

      4 MON ING THE
                                      me into a
               budGeT                           reality.
                       iNG
        MAK
                        E
             Cashflow Y GO ROU
             key to a sm nd a well-manag D
                        a                 N
                         ooth self       ed budge
            you the lo             b              t are
                       wdown o uild project. We g

    6 FOUND FINANCIAL
                                 n manag            ive
            MORTG                       ing your
                   AGeS                          funds.
      SOLI
                      D   ATIO
                      to Buildst NS
           Exclusive
          our Tradit            ore Finan
                     io                   cia
          Find out nal and Accelerato l Services –
                   which on
                              e’s right fo r mortgages.

 12 THE NEW GREE
         SuSTAiN
                 Abil

        Self build
                      iTY
                                          r you.


                 N a
        massive o nd renovation pro
                   pportunit            je
       eco techn            ies for intr cts offer
                  o                     o
       advantag logy – and there ducing
                 es too.              are finan

14 IPROTECTING Y
                                               cial
      PROTeC
             TiON
                                                           GET THE MOST
    NV      ESTMEO                    UR                   OUT OF YOUR
                         NT
                                                           FINANCES
      Having in
               v
     in your se ested so much tim
               lf                   e
    ensure it’s build project, it m and money
                                    a
    how Buil adequately protec kes sense to
                                                           Call    0845 223 4888
             dstore Fin            te
                       ancial Se d. Find out               Email   enquiries@buildstore.co.uk
                                 rvices can                        www.buildstore.co.uk
                                            help.          Visit
                                                                            BUILDSTORE // Self build fiNANCe   1




embarking on a self build project is a huge challenge. You don’t need me
to tell you that. but it can also be one of the most rewarding experiences
of your life.
Although the definition of self build is broad – from designing and      “Whether you’re a first-
building your home from scratch to renovating an existing property        time self builder or an old
(or even retro-fitting an existing home with the latest eco products      hand at this game, you’ll
and technology) – there’s no doubt that in every case the key to success need funding in place to
is a sound financial base.                                                drive your build through
                                                                          its various stages. The
Whether you’ve already found your plot and have your architect’s          chances are that at least
plans in place, or are just starting to think about the advantages of     some of that funding will
creating your dream home, you’re embarking on a journey that will         come from a mortgage,
be exciting and challenging in equal measures. Wherever you are on
                                                                          so it’s vital that you get
                                                                          the right one.”
your self build journey, BuildStore can be with you every step of the
way – sharing our expert knowledge, providing practical support and
advice, and offering a unique insight into running a successful project.

We know that one of the main hurdles that self builders face is, quite
simply, finding enough money to keep their project running smoothly.
And that’s where BuildStore can provide critical support. This brochure
gives you the lowdown on securing – and managing – the funding for
your self build project. From planning, projections and cashflow to
securing the very best mortgage, we’ll help to put your finances firmly
in place so that you can get on with the exciting challenge of creating
your very own dream home. Good luck – and enjoy the journey!




Raymond Connor, CEO
BuildStore Financial Services
2   BUILDSTORE // buildiNG HOMeS, ReAliSiNG dReAMS




    Building homes,
    realising dreams
    Over the years, buildStore financial Services has helped more than 15,000 customers to build
    or renovate their own homes. Or, to put it another way, we could now fill a medium sized
    town with buildStore projects. That’s a lot of dreams come true.

    BuildStore was established to offer         UK’s only permanent exhibition and     exclusive to BuildStore Financial
    specialist mortgage brokerage and           information centre for self builders   Services. It sets us apart from
    plot finding services – BuildStore          and renovators.                        other financial brokers and it’s
    Financial Services and PlotSearch                                                  a difference you’ll appreciate.
    – and has grown to become the UK’s          “BuildStore has, quite                 You’ll find that our team of
    leading supplier to the self build,          simply, revolutionised                expert advisers knows exactly
    conversion and renovation markets.
                                                 the self build market.”               which providers are lending to self
    With so many customers buying                                                      builders and renovators in the UK
    materials every year we introduced          Tailored funding exclusively           at any given time – and they also
    the BuildStore Trade Card to offer          for self builders                      have access to a range of exclusive
    our customers access to materials,          With roughly two out of three          mortgages offering higher lender
    often at trade prices, through a            self builders needing a mortgage       percentages and competitive rates.
    nationwide network of merchants,            to see their project through, one
                                                                                       So if you’re looking for information,
    suppliers and manufacturers. And            of our key achievements is the
                                                                                       advice and tailored financial
    we also opened the hugely popular           access to funding we’ve created
                                                                                       products to fund your project,
    National Self build & Renovation            through specially tailored mortgage
                                                                                       you’ve come to the right place.
    Centre in Swindon – operated and            products, delivered by a panel of
                                                                                       And it’s all under one roof.
    managed by BuildStore, it’s the             leading mortgage lenders and




      It pays to speak to BuildStore Financial Services
      Call    0845 223 4888
      Email   enquiries@buildstore.co.uk
      Visit   www.buildstore.co.uk
                                                      BUILDSTORE // Self build fiNANCe   3



FACT
       Finance is generally the biggest challenge that self builders face –
       with roughly two out of three self builders needing a mortgage to
       see their project through.




Why come to                                     BuildStore has:
BuildStore Financial                            Arranged over £2.5bn of self build
Services?                                       finance for more than 15,000
                                                customers through BuildStore
                                                Financial Services
it’s quite simple – we are
the only self build specialists                 Located and identified thousands
                                                of plots through PlotSearch
who offer:
                                                Seen Trade Card customers buy
The right finance for you, based on both         millions of pounds of
your financial needs and the requirements        materials each year at better than
of your project                                 trade prices

Unmatchable expert knowledge about              Welcomed 25,000 visitors
every aspect of self build – under one          each year to our 70,000 sq ft
                                                Visitor Centre
roof and just a phone call away
Practical help and support, including
free consultations with self build experts,




                                                                                             BUILDSTORE // BUILDING HOMES, REALISING DREAMS
on every aspect (and at every stage) of
your project
A BuildStore Trade Card giving
you access to a UK-wide supply base,
often offering preferential rates
4   BUILDSTORE // MAKiNG THe MONeY GO ROuNd




    Making
        the                                               mone
    Cashflow is the lifeblood of your self build or renovation project – so if it slows
    down, or dries up, it can throw the whole project off schedule.

    Cashflow                            whole system up front. It’s        work out a tailored package
    While there may be no such         also essential to have agreed      with the lender (subject to
    thing as a ‘typical’ self build    payment terms with builders        valuation) which ensures that
    project – each coming with its     and other tradespeople in          adequate funding is available
    own unique set of challenges       advance of work starting.          at each stage.
    and opportunities – every          If you don’t have a good           What’s more, if you don’t
    project does have identifiable     handle on your cashflow            have a large amount of
    stages of development, from        – that is, if you haven’t          cash sitting in the bank at
    the initial digging of the         matched your finances to           the start of your project,
    foundations to the final fix.      your projected expenses at         you’ll find that BuildStore’s
    And at each stage, as the          each stage – then you might        Traditional* and Accelerator
    value of the build increases,      find that you’re unable to         mortgages with their higher
    your lender will release a         meet your builders’ invoices       lending percentage (up to
    percentage of your overall         or pay for the materials           90% on land and build costs
    funds, so it’s critical that you   you need. Either situation         compared to 75% for most
    understand exactly what your       can hinder progress and,           other lenders) will give you
    project is going to cost you at    in the worst case scenario,        greater funds which will help
    each stage, so that you have       your builders may leave            to ease your cashflow.
    enough money to meet your          your project and move onto
    expenses.                                                             We can also help if you’re
                                       another job if they haven’t
                                                                          interested in funding your
    Make sure that you’ve              been paid, or don’t have
                                                                          self build or renovation
    worked out precisely how           materials to work with.
                                                                          project by borrowing against
    much money you’ll need                                                your existing property.
                                       BuildStore’s exclusive
    to pay out for materials,
                                       mortgage schemes help              Whichever way you look
    tradesmen and specialist
                                       cashflow                            at your finances, you’re
    services at each stage so that
    your available funds match         At BuildStore Financial Services   better off with a BuildStore
    your project. For example, a       we’re acutely aware of the         Financial Services mortgage
    timber construction is more        importance of matching             package, individually tailored
    expensive in the early stages      cashflow to project stage and      to suit you and your project.
    than a brick and block build       so we look at each customer’s
    as you have to pay for the         situation individually and


      Find out how much you can borrow
      Call    0845 223 4888
      Email   enquiries@buildstore.co.uk
      Visit   www.buildstore.co.uk                                        *With the BuildStore Traditional mortgage,
                                                                          payments are subject to valuation.
                                                                        BUILDSTORE // Self build fiNANCe   5




ney                 go
                     round
 don’t even think about working without a budget – it’s incredibly easy
 for unforeseen costs to send things spiralling out of control.

 Budgeting                        For the self builder or             negotiate extra lending if
 For many people, the whole       renovator, getting your             you overspend in the early
 point of self building is to     budget right has always             stages of the build.
 make the money they have         been important. But in these
                                                                      To find out how much you
 available for a home go          post credit crunch times
                                                                      can borrow, speak to one
 further – so it follows that     it’s absolutely critical. Once
                                                                      of our expert advisers – and
 accurately planning and          you’ve got the basic figures
                                                                      remember, our lending
 managing a budget should         in place, you’ll then need to
                                                                      partners look at income and
 be a primary concern. This       spend significant amounts
                                                                      expenditure on an individual
 process should start well        of time planning everything
                                                                      basis, and their offer will
 before you even buy your         down to the smallest
                                                                      be tailored to suit your
 plot of land, and shouldn’t      detail – because today it is
                                                                      circumstances.
 finish until you’ve paid the     more difficult than ever to
 final contractor and jumped
                                      Labour & Materials
 though all the hoops
 to reclaim VAT on your               Land/Project

 building materials.                  Contingency
                                      Finance
 When you first begin to
                                      Insurance
 work out your budget it




                                                                                                               BUDGETING // MAKING THE MONEY GO ROUND
                                      Professional
 makes sense to plan out and
                                      Utilities
 weigh up the costs of all the
 different aspects of your
 project – even if that means     “If the right funds aren’t available at
 working in round numbers.         the right stages of the build, delays are
 You should have a total figure    inevitable (and often expensive). In the
 in mind that you want to
                                   worst case scenario, materials may not be
 work to – whether you are
 borrowing money or not –          delivered and your builders may be forced
 and the pie chart opposite        to move on to projects elsewhere.”
 is a good ready reckoner to
 start with.
                                            Need help with calculating build costs?
                                            Call    0845 223 4888
                                            Email   enquiries@buildstore.co.uk
                                            Visit   www.buildstore.co.uk
6   BUILDSTORE // SOlid fiNANCiAl fOuNdATiONS




    Solid
     financial
                                          foundations
    The amount that can be borrowed for a self build or renovation project is subject to
    much the same criteria as a house purchase mortgage – the chief factor being that you
    have enough income to meet the monthly repayments.

    The main difference between           At BuildStore Financial Services        Need help to remortgage?
    a self build mortgage and a           we have developed two unique            If you’re looking to raise funds
    house purchase mortgage               mortgage packages which are             by releasing equity from your
    is that self build funding is         designed to suit the very specific      existing property, we can help
    released in stages as the build       needs of the self builder. They         with that too. Speak to one of
    progresses, rather than as a          are defined by when funds are           our expert advisers and find out
    single amount. The table below        released to you during the build        if remortgaging is the best way
    illustrates the typical stages for    process (in arrears or in advance)      to finance your self build or
    a brick and block build, a timber     and are tailored to suit both           renovation project.
    frame build and a renovation or       your income and the stages
    conversion project.                   of your project.


     STAGE       BRICK & BLOCK                  TIMBER FRAME                      RENOVATION/CONVERSION
     1           Purchase of land               Purchase of land                  Purchase of property
     2           Preliminary costs              Preliminary costs                 Preliminary costs &
                 & foundations                  & foundations                     structural overhaul
     3           Wall plate level               Timber frame kit erected          Wind & watertight
     4           Wind & watertight              Wind & watertight                 Plastering & services
     5           First fix & plastering         First fix & plastering            Second fix
     6           Second fix to completion       Second fix to completion          To completion

                                                                         The credit crunch which began in 2008 has resulted
      Find out how to finance your dream home!                            in lenders withdrawing products and changing criteria
      Call    0845 223 4888                                              with little advance warning. The products described
                                                                         in this brochure are therefore subject to change and
      Email   enquiries@buildstore.co.uk                                 availability. See www.buildstore.co.uk for information
      Visit   www.buildstore.co.uk                                       on products currently available or call 0845 223 4888
                                                                         and speak to one of our expert advisers.
                                                                      BUILDSTORE // Self build fiNANCe   7



Traditional mortgage
Our Traditional mortgage works on
                                              BuildStore Traditional mortgage:
a typical arrears stage payment basis.        KEY FEATURES
But what you’ll find with BuildStore          • Borrow up to 90% of the cost of your plot
Financial Services is that our lending        • Borrow up to 90% of the cost of your build
partners are able to offer up to 90%          • Receive your money in agreed stage payments
of both land and build costs – around           subject to valuation
15% higher than most other lenders            • Stay in your current home as you build
– and this makes life easier all round.       • Choice of leading lenders, products and
Our higher percentage quite simply              competitive rates
means that you’ll have more money,            BuildStore Accelerator mortgage:
enhanced cashflow and greater
                                              KEY FEATURES
flexibility if you only have a small
                                              • Borrow up to 90% of the cost of your plot
deposit. It may even make the
difference between having to sell             • Borrow up to 90% of the cost of your build
your existing home or being able to           • Receive your money in guaranteed advance
stay in it during your build project.           stage payments at the start of each build stage
                                              • Stay in your current home as you build
For self build projects, funds (up to
                                              • Stage payment amounts are not determined
90% for land) are released to buy
                                                by interim valuation
the plot, with the money (again
up to 90% of cost) for the actual             • Receive the money to pay for your timber frame
build being released at the end of              when required
each of the stages outlined in the            • Choice of leading lenders, products and
table opposite. For a conversion                competitive rates
or renovation project, funds are
released to buy the property (usually
up to 90% of the purchase price)
and the money for building costs          Why choose buildStore financial
(again, usually up to 90%) is released    Services? it’s simple:
at the end of each stage.
                                          Up to 90% of plot and build costs (around
Accelerator mortgage
                                          15% higher lending than many other providers)




                                                                                                             MORTGAGES // SOLID FINANCIAL FOUNDATIONS
The award-winning BuildStore
Accelerator mortgage works on             Better cashflow through every stage of
an advance stage payment basis.           your project
Recognising that not everyone
has the cash required to get to           Expert help with costings and planning every
the first build stage – or is able to     step of the way
release equity from their existing
property to buy or put down a             Project requirements matched to most
deposit on land – BuildStore created      suitable lender
the Accelerator mortgage which,
quite simply, releases the funds at       Increased flexibility with greater funding
the beginning of each stage rather        and higher stage payments
than the end. With Accelerator it’s
possible to borrow up to 90% of the       Access to trade prices with a BuildStore
cost of land or a renovation property     Trade Card
and up to 90% of the cost of the
building works.
8   BUILDSTORE // ReSeARCH, ReSeARCH, ReSeARCH




            Research,
    research,
    95,000
                                 research
    115,000
    23,000
     80,000
     13,000
     8,000
      334,000




                                                 0845 223 4888
     FACT




             As well as being able to spec your home to suit your tastes and lifestyle,
             self building is VAT free, so you’ll get more for your money than you would
             by buying an existing property.
                                                                                    BUILDSTORE // Self build fiNANCe   9



                          Osh Roberts &                         Self build                       Traditional
CASE STUDY



              Client:                             Project:                         Mortgage:
                          Sarah Campbell
              Location:   Newcastle               Timescale:    7 months


             for Osh Roberts, reading volumes of house building and renovation magazines,
             and watching hours of Grand Designs, convinced him that self build was being
             done by ‘ordinary people’ – and that he could do it too.

             Once they’d decided to embark on a self build,     accurately costed too far in advance, such as
             Osh and his partner, Sarah Campbell, spent         foundations and utility connections – the only
             weeks and months considering the layout of         areas where the project went over budget.
             their house and deciding what they wanted
                                                                In fact, for Osh and Sarah, the biggest hurdles
             from each room – a master bedroom with sun
                                                                were at the outset. It took 18 months to find
             in the morning, a living room at the back of
                                                                the perfect plot, followed by a long period of
             the house for privacy, and the option to have a
                                                                negotiation to change the existing planning
             semi open-plan layout between the living room
                                                                for a bungalow to permission for a house. And
             and kitchen. Now that they’ve moved in, and
                                                                more frustratingly, their high street lender
             are living the dream, Osh is convinced it was
                                                                changed their mortgage policy for lending to
             time well spent: “We’re so glad now because
                                                                self builders at the last minute. Fortunately,
             everything is just perfect.”
                                                                BuildStore Financial Services came to the
             The couple’s meticulous approach to planning       rescue. With inheritance money to start them
             extended to undertaking a huge amount              off, and funds from the sale of Osh’s flat, the
             of research to ensure that they properly           couple chose a Traditional mortgage with stage
             understood the building processes and methods      payments in arrears to see their project through.
             involved. As a result, Osh decided to employ       It suited their tightly planned project – and
             a builder, preferring to “utilise other people’s   Osh’s excellent budget control – perfectly.
             experience and contacts rather than try and do
                                                                Now that they’re settled in their dream home,
             it myself.” What’s more, he managed to find a
                                                                would they do it again?
             builder who had already worked with their type
             of timber frame kit (from Polish company Dan-      Osh laughs. “Yes, I would do it again, but
             Wood Ltd) so they didn’t hit any major obstacles   probably not for a very long time – we put the
             during the build. However, even Osh is the first   effort into this build knowing we were building
             to admit that some things can’t be planned or      a home for our future family.”


                                                                 Osh & Sarah’s top tips

                                     ressful,
                        Enjoyable, st d time-
                                                                 Do your research! The more you know about

                                     an
                        educational s it up. And
                                                                 the building trade, the better – and the less
                                                                 likely you are to go wrong.
                                      m
                        consuming su near the end,               Diplomacy goes a long way when dealing
                                       e
                         now that we’r too. A big                with your planning officer or building control
                                      ing
                         very reward ement!”
                                                                 – compromises can often be reached.
                                         v
                          sense of achie
                                                                 It helps if you can employ a builder who has
                                                                 direct experience of working with your type
                                                                 of timber frame kit.
10   BUILDSTORE // PlOTTiNG A GReeN fuTuRe




      Plotting a
     green future
0845 223 4888




                                              120,000

                                                 64,500
                                                  27000
                                                    ,
                                                   291,500


             BuildStore Financial Services can offer higher lending percentages – up to
     FACT




             90% borrowing on both land and building costs – through a range of new
             and exclusive products (including our Accelerator mortgage) which can
             greatly improve your cashflow during the course of your build.
                                                                                         BUILDSTORE // Self build fiNANCe   11



                          Alison &                                 Self build                       Accelerator
CASE STUDY



              Client:                              Project:                           Mortgage:
                          Andy Scobbie
              Location:   Loughborough             Timescale:      9 months

             Arranging finance was one of the easiest aspects of this self build project –
             finding the right plot was the real challenge.

             Alison and Andy Scobbie from Loughborough               handle the conversion and rebuild with an eye
             had always dreamt about creating their own              on creating as many energy-efficient systems
             unique home, but it took them four years to find        as possible. They installed a ground-source heat
             their perfect plot – a derelict barn and stable         pump and underfloor heating, and had solar
             block just a few miles from where they lived.           panels and a wind turbine built onto the roof.
                                                                     Although the extra costs for this work put the
             The first move for the Scobbies was to sort
                                                                     Scobbies over budget, they had very sensibly
             out their finances to enable them to purchase
                                                                     built a contingency into their initial budget so
             the barn and fund the building costs. As they
                                                                     were able to accommodate the extra spend.
             wanted to remain in their existing home, and
                                                                     What’s more, the money they’ll save in energy
             employ a building contractor rather than do the
                                                                     bills over the years will pay off the overspend
             work themselves, it was essential to have cash
                                                                     in due course.
             up front to pay the bills, buy materials and keep
             the project running smoothly. An Accelerator            For the Scobbies, using a building contractor
             mortgage from BuildStore Financial Services             was a good move. The build took just nine
             was the ideal solution. As Alison says: “The            months to complete and went without a hitch.
             first payment got us started and the remaining          However, it was probably having a smooth
             funds were paid at the beginning of each build          cashflow and advance stage payments that
             stage which meant that we didn’t have to find           made the biggest difference to the couple’s
             large amounts of cash upfront, prior to getting         first self build experience. Alison agrees: “Not
             sign off for each stage.”                               having to worry about finances and being able
                                                                     to keep our young family in our own home
             The couple were very keen to ‘go green’ on
                                                                     during the build was a great weight off our
             their new home and employed Carbon Neutral
                                                                     shoulders.”
             Building – a newly established contractor – to

                                                                      Alison & Andy’s top tips
                                                                      Don’t ever give up on finding your perfect
                                                                      plot – it’s out there somewhere!
                                                 e n ow wou ld
                            e h ou s e we h a vss ible wit h out      Speak to specialist contractors about energy-
                        Th                     o                      efficient systems – and remember that while
                        n ot h a ve be e n p m o rtg a g e a n d      they might cost more up front, they’ll pay for
                        t h e A cce le ratoitr g a ve u s.”           themselves in the long run.

                         t h e ca s hf low                            Build a larger than anticipated contingency
                                                                      into your initial budget to cope with any
                                                                      unforeseen expenses or additions to your
                                                                      original plans.
12   BUILDSTORE // THe NeW GReeN




                     new
      green
     The


     Self builders have always been ahead of the game when it comes to incorporating
     energy-efficient and renewable technologies and systems.

     “Around 30% of                          Eco friendly projects              Eco Accelerator mortgage
      BuildStore customers                   Energy efficiency and              In 2010, we launched our Eco
                                             environmentally sensitive          Accelerator mortgage offering
      cite ‘going green’
                                             building materials are often key   eco-conscious self builders and
      as one of their main                   considerations for self builders   renovators an advance stage
      reasons for self                       and renovators. So it’s good to    payment mortgage with a very
      building.”                             know that BuildStore Financial     attractive discounted rate.
                                             Services offer mortgage products
                                                                                The Eco Accelerator mortgage
                                             geared towards the eco-friendly
                                                                                doesn’t simply focus on energy
                                             project and aligned with many
                                                                                performance and generation,
                                             of the leading sustainable build
                                                                                but also takes building fabric
                                             systems, including timber frame,
                                                                                into account. It promotes
                                             SIPs and ICF.
                                                                                your healthy living choice by
                                                                                guaranteeing a discounted
                                                                                interest rate for the lifetime
                                                                                of your mortgage – as long as
                                                                                you select sustainable building
                                                                                materials with a reduced global
                                                                                impact and also ensure that your
                                                                                new home is energy efficient.
                                                                                It’s a small but significant step
                                                                                towards minimising global
                                                                                impact – and is as rewarding
                                                                                to you as it is to the planet.

       Interested in eco-friendly products and services?
       Call    0845 223 4888
       Email   enquiries@buildstore.co.uk
       Visit   www.buildstore.co.uk
                                                                              BUILDSTORE // Self build fiNANCe   13




         With BuildStore’s Trade Card you can access all of your eco-friendly materials
 FACT
         at equally friendly prices. Trade Card is as kind to your pocket as it is to the
         environment, offering considerable savings on a huge selection of sustainable
         materials. Find out more at www.buildstore.co.uk/materials




Going green at                     the year, including our annual
the Visitor Centre                 Big Green Home Show – the
At our Visitor Centre –            UK’s only self build eco-homes
BuildStore’s National Self Build   show. It features live themed
& Renovation Centre – we offer     theatres covering everything
up to the minute advice and        from building with straw bales
information on all of the latest   to the latest on eco grants and
eco-technologies and systems       incentives, as well as advice on
available to homebuilders.         how to raise funding for eco
                                   alterations to existing homes.




                                                                                                                      SUSTAINABILITY // THE NEW GREEN
The centre also plays host to      A must for the environmentally
a packed calendar of events        conscious builder.
and workshops throughout




                                                  Need help with calculating build costs?
                                                  Call    0845 223 4888
                                                  Email   enquiries@buildstore.co.uk
                                                  Visit   www.buildstore.co.uk
14   BUILDSTORE // PROTeCTiNG YOuR iNVeSTMeNT




     Protecting your
     investment…
     Any lender providing you with finance for your project will insist that you have adequate insurance
     in place before releasing funds to you.

     Site insurance                          planned. Remember that normal          Public liability
     It certainly makes sense to protect     house insurance doesn’t cover          It’s also worth bearing in mind that
     your investment – in both time and      either your building works or an       even if your builders have their
     money – against major problems.         unoccupied property.                   own insurance, as far as accidents
     Flood, fire or theft could seriously                                           happening on your site and
                                             BuildCare Site Insurance
     impact on the timescale for your                                               public liability are concerned, the
     build and the budgeted costs – in       BuildStore Financial Services has      responsibility lies with you. Public
     fact, any one of them could have        developed BuildCare Site Insurance,    liability cover is provided (through
     a disastrous effect on your ability     to provide cover for all aspects of    BuildCare Site Insurance) in respect
     to finish your new home. Site           your site during the course of your    of death, injury or disease to third
     insurance will provide you with         project. Have a look at the table      parties – up to £5m for any one
     financial recompense if the worst       below for a summary of the cover       event. Employers’ liability is also
     does happen, and peace of mind          provided.                              covered – up to £10m.
     that your project will continue as

     Summary of cover
     ITEM                                                  SUM INSURED LIMIT                           STANDARD
                                                           OF INDEMNITY                                INCLUDED
     Building works, temporary works                       Cost of reinstatement up to 125%                •
     and materials
     Existing structure (on conversions,                   Cost of reinstatement up to 110%                •
     renovations, extensions)
     Own and hired plant, tools and equipment              £30,000                                         •
     Residential caravan and contents,                     £30,000                                         •
     site huts and temporary buildings
     Employees’ tools and personal effects                 £2,000 (£500 per employee)                      •
     Personal accident and broken bones                    £20,000                                         •
     Public liability                                      £5,000,000                                      •
     Employers’ liability                                  £10,000,000                                     •
     Legal expenses                                        £50,000                                         •
     Personal possessions                                  £5,000                                          •
                                                                                         BUILDSTORE // Self build fiNANCe              15




Only a 10 Year Structural Warranty will protect your project against a defect in the
design, workmanship or materials of your self build or renovation project.

“Building your own                        other hand, only states that            Summary of cover
                                          your house has been built to
 home means you                           the required minimum standard           The cost of complete or partial
 can avoid the cost of                    and that it’s up to you, the            rebuilding or rectifying work
 the middleman. So                        homeowner, to take legal action         to the housing unit which has
                                          against the architect in the event      been affected by major damage
 when your home is                                                                attributable to a defect in the
                                          of a problem, to prove that any
 complete, its value                      structural fault is a result of their
                                                                                  design, workmanship or materials,
                                                                                  provided always that the liability
 is typically around                      negligence. We probably don’t           of the insurer does not exceed
 25% – 30% more than                      need to point out that legal            the reasonable cost of rebuilding
                                          action can cost you dearly in           each housing unit to its original
 the cost of the build.”                                                          specification.
                                          terms of time and money, so it’s
Structural warranty                       much simpler and more effective
                                                                                  The cost of making good any defect
                                          to claim on an insurance policy         in the design, workmanship or
Many self builders make the
                                          which covers specific occurrences.      materials in the drainage system
mistake of assuming that an
                                                                                  which was newly constructed by
architect’s certificate will provide      BuildCare 10 Year                       the builder in connection with the
the cover for any defects in the          Structural Warranty                     housing unit and for which the
structure or materials of their           BuildStore’s warranty is                insured is responsible.
home. This simply isn’t the case.         administered by BuildZone and
But with a 10 Year Structural                                                     The necessary and reasonable costs
                                          offers extremely competitive            incurred in repairing, replacing or
Warranty you know exactly where           premiums, as well as excellent          rectifying any part of the waterproof
you stand from the outset as the          cover, and is accepted by lenders       envelope within the housing unit as
cover and exclusions are clearly          and recognised by the Council of        a result of ingress of water caused by
set out in the policy wording.            Mortgage Lenders.                       a defect in the design, workmanship,
An architect’s certificate, on the                                                materials or components of the
                                                                                  waterproofing elements of the
                                                                                  housing unit.




                                                                                                                                            PROTECTION // PROTECTING YOUR INVESTMENT
                                                                                  The cost of repairing or making good
                                                                                  any defects in the chimneys and
                                                                                  flues of the housing unit causing an
                                                                                  imminent danger to the health and
            Building regulation approval                                          safety of occupants.

            Did you know that there’s an alternative to your
 FACT




                                                                                  Please refer to terms and conditions of the policy
            local authority? A network of approved inspectors
            now operates throughout the UK – they have fulfilled
            rigorous government requirements and are licensed
            to act as building control inspectors.



  Interested in a free no obligation quote?
  Call    0845 223 4888
  Email   enquiries@buildstore.co.uk
  Visit   www.buildstore.co.uk
16   BUILDSTORE // ... ANd YOuR fAMilY




     …and your family
     building your own home is a major undertaking – don’t risk leaving your mortgage,
     income or family unprotected.

     As the industry leader in self            That’s where BuildStore Financial
     build and renovation, BuildStore          Services comes in. We can arrange         buildStore financial Services
     has unparalleled expertise and            cover so that even if your income         offer advice on:
     understanding of all aspects of the       stops, your mortgage payments
     self build process. So it’s no surprise   will still be met.                        Life insurance
     that we have worked with leading
                                               Once your project is finished, you’ll     Critical illness cover
     insurers to provide exactly the
                                               still need to ensure that if anything
     cover you need to give you peace
     of mind throughout your project.
                                               happens to you, your family will          Accident, sickness
                                               be able to remain in the home you         and unemployment cover
     During the build, you will have           have built for them – so it makes
     some very significant financial           good sense to talk through your           Mortgage protection
     commitments, not least of which           requirements with one of our
     may be mortgages on both your             expert advisers. We’ll look at your       Income and family protection
     current house and your self               individual circumstances and needs
     build project. But what would             and offer advice absolutely tailored
     happen if your income stopped             to your specific requirements – and
     due to sickness, accident or              products that will deliver maximum
     unemployment? How long would              value should the worst happen.
     you be able to cover your monthly
     outgoings? It’s a sobering thought.




                                                                       Find out more about protecting yourself and your family
                                                                       Call    0845 223 4888
                                                                       Email   enquiries@buildstore.co.uk
                                                                       Visit   www.buildstore.co.uk
                                                                      BUILDSTORE // Self build fiNANCe   17




SWiNdON
The National Self build & Renovation Centre
Great Western Way, Swindon
Wiltshire SN5 8UB




                                     MILTON KEYNES
                                                       M1
 M50
                               M40
                                                            LUTON
       GLOUCESTER


 M5                         OXFORD




             SWINDON

                       M4             READING

BATH                                                             M3

                                                              M25
                                         M3          GUILDFORD




Visit us in person at our National Self Build & Renovation Centre in Swindon. Our Visitor
Centre features wonderful visual displays and exhibits which demonstrate the self build and
renovation processes step by step. Our expert advisers are also on hand to offer information
and advice on every aspect of your build project.
It pays to put yourself in the
hands of the experts. For all your
self build and renovation financial
requirements, speak to BuildStore
Financial Services.
Your home may be repossessed if you do
not keep up repayments on your mortgage.




                                                                       www.redpath.co.uk
                                                                       Designed, edited & produced by
buildStore financial Services ltd
Kingsthorne Park, Nettlehill Road
Houstoun Industrial Estate, Livingston EH54 5DB


  It pays to speak to BuildStore Financial Services
  Call    0845 223 4888
  Email   enquiries@buildstore.co.uk
  Visit   www.buildstore.co.uk                        sfb311 mar2011

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:3
posted:9/23/2012
language:Latin
pages:20