Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can be concrete, prefabricated, Steel frame houses regardless of whether they have been repaired or not. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. With fewer providers to choose from, it’s even more important to seek specialist advice to find the most favourable rates available. Our input could save you a great deal of time and money that would be wasted on valuation and application fees, as well as all the stress and hassle that comes with it. If they are offering a mortgage over a period of many years then they want to know that the property will remain standing for at least the same amount of time. The longest term you will be to apply for is up to your age of retirement. Here at First Choice Finance we have multiple low rate non-standard construction mortgage lender plans. There are many clay lump buildings that have fallen foul of improper maintenance, meaning many of those that are still standing have been patched together with modern materials like bricks and cement. Other lenders treat their criteria more like guidelines and care more about the valuation and survey of the property. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. For insurance business we arrange policies from a panel representative of the whole of the market. (don't know how true that was Then again, there are specialist insurers out there who better understand the specific type of property better and who can offer you a better deal. Unless we write to tell them that we are prepared to allow the mortgage to remain a tracker rate mortgage. All the advisors we work with are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. What this means is that picking the right lender is often what decides whether your application is successful. The main difference is the perceived level of risk, so with non-standard constructions being seen as more high-risk, you can expect more onerous terms, including: The following building materials are considered ‘non-standard’ or ‘non-traditional’ for property construction: Clay lump houses are most commonly associated with Norfolk, where the material was very popular in the 19th and 19th centuries. The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. Furthermore, the brokers can arrange non-standard construction mortgages with the following lenders…. Some lenders will blanket refuse a mortgage on certain properties that really aren’t a big risk to them. Our experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. The brokers we work with can find it for you, and at the most competitive rate possible. Cob is another old English style of construction that was particularly popular in Southwest England and Cumbria. If you want to start the process, we’ll arrange a consultation and get the ball rolling on finding you the right lender for your circumstances. Obtaining a mortgage. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. We have a meeting with a mortgage advisor later on in the week, but was just wonde ... Don't know about Cob Walls but we got our non standard (clinker block) with the Halifax last year. It’s a form of earth construction, using clay-rich materials. Listed buildings aside, many types of non-standard construction require more maintenance or specialised treatment that can cost more. Many properties have been built using a variety of other construction methods. Having experienced Mortgage Advisors in Halifax, we work with lots of mortgage lenders that specialise in different areas. Types of non standard construction property that you may encounter difficulty getting a standard mortgage for could include any of the following: Prefabricated houses; Flats that are in unusual locations, such as flats above commercial premises or in a tower block with more than 4 or 5 storeys; Timber framed houses or wooden houses; Thatched cottages The non-standard construction lenders which do operate north of the border tend to have postcode restrictions in place, so it may prove difficult to secure a mortgage on an unconventional property in the Highlands or away from the mainland, for example. While some of these styles are accepted by mortgage lenders, some may cause issues for buyers when it comes to taking out a mortgage.. Certain types of homes are more likely to be classed as 'of unusual construction' - many council houses in the 1950s and '60s were prefabricated or built with concrete.. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … We’ll find the perfect mortgage broker for you - for free, Save time and money with an expert mortgage broker who specialises in cases like yours. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. It’s possible to modify certain property types to move them within the boundaries of a ‘standard’ construction, or at least reduce the structural risk. No problems with buildings insurance either. Think carefully before securing other debts against your home. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. Santander has granted finance on steel framed properties, which are more subject to the valuation. Mortgages and Furlough: Expert advice on how to get a mortgage after being on furlough. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. Location, for example sometimes being near a factory, river or … If you have questions about non-traditional construction mortgages and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry. This is why it’s essential to have a survey carried out before applying for a non-standard construction mortgage, and maintenance may be a key component of any mortgage deal you get. It really depends on your circumstances and the nature of the property in question. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. At the end of the day, understanding these differences in lender criteria is the difference between getting the mortgage or not. If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Our mortgage was also with Natwest, seems like it could be the way to go! Providers may have differing ideas of what a non-standard construction is, with some being happy to include stone, slate or flint construction as standard while others will not. When it comes to the actual construction of the property there are several options that are available. The team at Think Plutus have compiled this guide to non-standard construction mortgages to help you understand how they work, what options are available and how you can get one. Timber Framed: Some high-street mortgage and insurance providers view timber-framed homes as non-standard. Mortgages for homes with unusual construction are more difficult to secure. Halifax Standard Variable Rate - for mortgages applied for before 4th January 2011. As far as they’re concerned, everything else is ‘non-standard’. It may be necessary to apply for a non-standard construction mortgage if you hope to buy a property that is built out of anything other than bricks and mortar. Thatched roofs, for example, must be replaced entirely approximately every 30 years. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. The best way to kick off your mortgage application is by seeking advice from a whole-of-market broker, like the ones we work with. Anyone with any experience of non standard construction mortgages? It’s a form of earth construction that involves clay-rich materials. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Registered in England No. As such, if there’s a mortgage out there for you. Just because you manage to get a mortgage on a non-standard property, doesn’t mean that a potential buyer later down the line will be able to do the same. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. Given that there are a number of mortgage providers who will lend on these properties, seeking advice from a whole-of-market broker is recommended. Truth be told, plenty of non-standard property types are, structurally-speaking, very strong and reliable. If there is evidence of asbestos, or the building’s frame is unusual, they will want a more detailed structural survey to be carried out. Lending terms vary depending on construction types and if a repair scheme, where appropriate, has been used. Non Standard Construction Mortgage In the UK there is a huge variation of property types available, some being hundreds of years old while others were finished yesterday. When lenders are less confident in their understanding of a property, many of them will rely more on the comments of the valuer than they would on their usually defined criteria. It may be necessary to apply for a non-standard construction mortgage if you hope to buy a property that is built out of anything other than bricks and mortar. Some lenders may even insist on this with a non-standard construction property such as a concrete build house. The expertise of a mortgage broker could be priceless. With a listed building, for example, they will probably require a specialist Listed Building Survey. Tunbridge Wells / Haywards Heath / Brighton. Think Plutus® is a registered trademark. Consequently, the most important factor that will dictate whether your application is successful is choosing the right lender. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … However, as there are so many non-standard property types, they cannot be classed as equal in terms of risk. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. As a result of having such a diverse range of homes available, there are lots of different types of construction and each of these has implications for mortgage lenders. The good news is that the expert brokers we work with know who they are and have a great working relationship with them. Can I get a mortgage on a non-standard construction house?’ It’s a question we hear from prospective buyers all the time. What other types of non-standard construction houses are there? Houses build from the following materials are also considered ‘non-standard’ or ‘non-traditional’…. We do not charge a fee for our advice, instead we charge for arranging your mortgage. Cob is another classical English construction style that was quite prominent in Cumbria and the Southwest of England. In this piece, we’re going to cover non-standard construction mortgages -how they work, the different kinds, and how to get one. A great broker understands the many types of construction, and what lenders are more sympathetic to them. If you are considering a non-standard construction mortgage, you should keep the following in mind: Many types of non-standard construction require special maintenance or treatments that can be expensive. What mortgage term would you like? © 2021 Online Mortgage Advisor. The lender’s security is in the property itself and non-standard or non-traditional construction makes the integrity and durability of that building far less certain. Read more on mortgage deposits here. It’s seen something of a resurgence lately as a green building technique. Basically, any building not made of brick and mortar would be described as non-standard, which could be anything from a rural cottage built out of clay, to a penthouse in a steel and concrete high rise. Finance on steel framed properties, mortgages are a niche lending market eligibility. 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