Privacy Policy / Cookie Policy All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. Mortgages for homes with unusual construction are more difficult to secure. If the place that you’re looking at is of unusual construction (or you have a strong suspicion that it is), it’s worth speaking to a mortgage advisor early into the process. concrete, steel or timber can be difficult and getting a good mortgage rate for a non standard construction property can be even harder! Seeing as there is less demand, lenders are worried that they’ll not be able to recoup their losses if forced to resell the property. To get an idea how much you could borrow on a Buy to let mortgage, visit our mortgage calculator . In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. For these lenders, anything that deviates from this is ‘non-standard’. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Some lenders may even insist on this with a non-standard construction property such as a concrete build house. A steel house mortgage, therefore, may be difficult to secure. Unless we write to tell them that we are prepared to allow the mortgage to remain a tracker rate mortgage. If you also have bad credit, this can add another complication to a non-standard property mortgage, given that there will be fewer providers to choose from. These mortgages aren't available to first-time buyers or applicants under the age of 25. As far as they’re concerned, everything else is ‘non-standard’. With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. Mortgages for Properties With a Flat Roof. 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. This doesn’t mean, however, that a risk-averse lender will offer you a mortgage for a non-standard construction house if it violates their criteria in some way. What is a non-standard construction mortgage? BISF is a common non-standard construction property type and we have spoken to people who have needed our help in finding a mortgage for them in the past. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. 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. Tunbridge Wells / Haywards Heath / Brighton. The more deposit you’re able to put down, the better. What other types of non-standard construction houses are there? Our experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. As such, the ‘non-standard construction’ category covers a huge variety of cases, including…. Construction requirements. It really depends on your circumstances and the nature of the property in question. If you still have questions about non-standard construction mortgages, the experts at Think Plutus can give you the right advice. ’Non-standard’ construction covers a huge category in the property world. Think carefully before securing other debts against your home. 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. They are also concerned about the property’s value decreasing due to lack of maintenance in certain property types. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. Some lenders will blanket refuse a mortgage on certain properties that really aren’t a big risk to them. Many properties have been built using a variety of other construction methods. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. The expertise of a mortgage broker could be priceless. Some high street lenders might even turn you away because of this, but throw non-standard construction into the mix, and your choice of approachable mortgage providers is suddenly much slimmer. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. Why is getting a non-standard construction mortgage more difficult? Houses build from the following materials are also considered ‘non-standard’ or ‘non-traditional’…. I’ve recently being trying to remortgage on a BTL and really struggling to find a lender. Here at First Choice Finance we have multiple low rate non-standard construction mortgage lender plans. 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. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. Halifax tends to be more cautious in their approach, excluding certain kinds of pre-cast reinforced concrete, as well as properties that have had their frame cavities filled. 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. 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. Often, this is done as a component of a certified repair scheme, which can be very expensive to have done. Thus, every lender has its own criteria, with certain non-standard property types preferred to others. ‘Non-standard’ construction is a significant category in the property market. Nationwide doesn’t lend on anything above 5 stories unless it is located in London. For example, if the building is listed – they’ll probably want to see a specialised Listed Building Survey. Certain types of property can be modified by either moving them into the ‘standard’ category or significantly reducing the amount of structural risk associated with them. Think Plutus can help you find the right insurer for various property types so don’t be afraid to ask. The answer really depends on the house in question. 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. What mortgage term would you like? Mortgage lenders want the reassurance that, in the event that they need to repossess the property they will be able to sell it quickly and easily to recoup the money owed. Insurers tend to take a similar approach to non-standard properties as lenders do. The FCA does not regulate most buy to let mortgages. With a listed building, for example, they will probably require a specialist Listed Building Survey. Location, for example sometimes being near a factory, river or … 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. Speak to a non-standard construction mortgages expert, Converting a non-traditional construction property, get a mortgage with a debt management plan, Online Mortgage Advisor Leadership and Writing Policy. It’s a form of earth construction, using clay-rich materials. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. 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 construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. These can be found on individual buildings, often having been business owner’s accommodation in the past, or above a row of shops in the typical 1970’s style shopping parade still found in so many towns. Cob is another old English style of construction that was particularly popular in Southwest England and Cumbria. It’s a form of earth construction that involves clay-rich materials. 3894404. This may save you a lot of hassle and wasted valuation and application fees. Non-standard construction lenders who do cover Scotland often have postcode restrictions, so securing a mortgage on an unconventional property in, say, the Highlands or off the mainland may be particularly difficult. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. Our mortgage was also with Natwest, seems like it could be the way to go! *Based on our research, the content contained in this article is accurate as of most recent time of writing. It’s also very likely that the lender will want more information than they’d get in a normal survey. This is because lenders often restrict: The nature of property . How Does a Home Equity Loan Work? You may have to look further. There’s often some great opportunities to be had when looking for your next home if you consider flats above shops. For example, let’s say you want to get a mortgage with a debt management plan against your name. Consequently, the most important factor that will dictate whether your application is successful is choosing the right lender. By making an enquiry you accept that your information will be passed to one of the specialists. Lenders are always looking at the resale market, in the instance that a buyer defaults on their repayments and the bank is forced to resell the property. This is the best way to ensure you will end up with the most favourable deal that is available to you. If the property you have your eye on is unusual in its construction, or you think it might be, we strongly urge you to speak to a mortgage adviser early on. The brokers we work with can find it for you, and at the most competitive rate possible. 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. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. Having experienced Mortgage Advisors in Halifax, we work with lots of mortgage lenders that specialise in different areas. Insurers tend to treat non-standard construction in a similar fashion to lenders. 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. Get in touch and one of the expert advisors we work with can help you find a lender more sympathetic to your circumstances. One of the reasons mortgage lenders will not offer mortgages for non-standard construction properties is the future resale value. 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. A whole-of-market broker can access lenders that are not publicly available. By categorising construction types as ‘standard’ and ‘non-standard’, lenders can mitigate risk. Cob is another classical English construction style that was quite prominent in Cumbria and the Southwest of England. The problems with concrete homes become more apparent over time, therefore, you will need to source specialist modern materials home insurance when you own such a ho… For example, thatched roofs need to be completely replaced every 30 years or so. Specialist lenders are available who accommodate non-standard construction mortgages. There are currently around one and a half million concrete prefabricated homes in the UK, most of which were erected during the post war period as a stop-gap measure to provide affordable housing to those who lost homes to the Blitz. This means that if there are mortgage products in the market that suit your circumstances, our help can increase your chances of getting one and make sure it is the most favourable deal available to you. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number 697688. At least one person named on the loan must currently own a property in the UK. Pete's presence in the industry as the 'go-to' for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. At the end of the day, understanding these differences in lender criteria is the difference between getting the mortgage or not. Think Plutus can help you obtain non-standard construction mortgages with the following lenders, subject to eligibility: There are various lenders who will provide a mortgage on non-standard properties, but there will be strict criteria that differs from one lender to the next. However, as there are so many non-standard property types, they cannot be classed as equal in terms of risk. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. As such, if there’s a mortgage out there for you. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. 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. Though ‘K Lath’ is a proprietary product, the term is now used to describe a range of reinforced lath construction techniques. 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. 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. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. With fewer providers to choose from, it’s even more important to seek specialist advice to find the most favourable rates available. Find out more: improving your mortgage chances; 3) Properties made of concrete. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. Onlinemortgageadvisor.co.uk is an information website – all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up to date information on all things mortgages. Can I get a non-standard construction mortgage? In the UK we have a variety of providers who are happy to consider all types of non-traditional construction, providing that the property … The most common non-standard building material is concrete, these concrete houses or flats were popular during the 1960`s and 1970`s so there is still a great number and variety of concrete built homes available on the UK housing market. (don't know how true that was How do I get a non-standard construction mortgage? All Rights reserved. 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. Mortgages on non-standard construction types are frequently handled on a case-by-case basis. View timber-framed homes as non-standard we work with lots of mortgage lenders, anything that needs updating and we ensure. 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