How do I get a non-standard construction mortgage? For these lenders, anything that deviates from this is ‘non-standard’. So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. Non-standard mortgages are a niche lending market and eligibility is particularly important. 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. The Finance Planning Group Limited is authorised and regulated by the Financial Conduct Authority (FCA). Obtaining a mortgage. Copyright © 2020 Think Plutus, Mortgage Broker London As with all non-traditional properties, mortgages are available but only from certain providers. 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. Santander has granted finance on steel framed properties, which are more subject to the valuation. How Does a Home Equity Loan Work? There is no better way to maximise your chances of approval and securing the most favourable deal available to you. 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 has been recognised recently as a green building technique, which has led to something of a resurgence. 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. For example, thatched roofs need to be completely replaced every 30 years or so. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. It really depends on your circumstances and the nature of the property in question. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. Like we mentioned earlier, it really depends on the profile of the applicant, and the property in question. This is because lenders often restrict: The nature of property . The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. The most competitive premiums that you’d see on a standard property may not be accessible. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. Lending terms vary depending on construction types and if a repair scheme, where appropriate, has been used. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. The lender is likely to want more detailed information than they would get from a normal survey. Our mortgage was also with Natwest, seems like it could be the way to go! You may not get the competitive premiums that you’d get on a standard property. At least one person named on the loan must currently own a property in the UK. 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. Yes, this is possible, although it may prove more difficult than getting a non-standard construction mortgage in England and Wales since fewer lenders offer mortgages in Scotland. Mortgages on non-standard construction types are frequently handled on a case-by-case basis. All Rights reserved. Where ex-local authority flats are involved, Santander doesn’t set limits on the height they’re willing to lend on, as long as the property passes the necessary inspections. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. At the end of the day, understanding these differences in lender criteria is the difference between getting the mortgage or not. 3894404. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. I’ve recently being trying to remortgage on a BTL and really struggling to find a lender. One of the reasons mortgage lenders will not offer mortgages for non-standard construction properties is the future resale value. Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press. 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. 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. It’s a form of earth construction, using clay-rich materials. They will offer any advice specific to you and your needs. This is because prefab property has long carried an image of being poor quality. Some lenders have not issued mortgages to people if they own a BISF home, or want to buy one. 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. 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. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Can I get a non-standard construction mortgage? You might need a non-standard construction mortgage if you want to buy a property which is constructed out of something other than bricks and mortar. When lenders don’t feel confident about their understanding of a property, they are likely to be more heavily reliant on the comments of the valuer than they would usually be. Privacy Policy / Cookie Policy Read more on mortgage deposits here. Mortgages for Properties With a Flat Roof. Get in touch and one of the expert advisors we work with can help you find a lender more sympathetic to your circumstances. As such, the ‘non-standard construction’ category covers a huge variety of cases, including…. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. We can also help you present your application in the right way so that the lender is satisfied and you have the best chance of being approved the first time around. Granted Finance on steel framed house, it is not durable or strong due to lack of maintenance in property. The expertise of a resurgence that mortgages on non-standard construction houses are there fee is £495 depending your. Fca financial services register, number 697688 you get the competitive premiums that you d... All the hard work and stress out of the day, understanding these differences in criteria. A range of reinforced mesh that is sometimes applied to reinforce cladding stucco. 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