As a whole of market broker, Think Plutus has access to lenders that simply aren’t available to the general public. Can I get a non-standard construction mortgage? ‘K Lath’ is a kind of reinforced mesh, used to reinforce cladding and stucco walls. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. One of the reasons mortgage lenders will not offer mortgages for non-standard construction properties is the future resale value. To get an idea how much you could borrow on a Buy to let mortgage, visit our mortgage calculator . 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. At least one person named on the loan must currently own a property in the UK. 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. So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. It has been recognised recently as a green building technique, which has led to something of a resurgence. Halifax Homeowner Variable Rate - for mortgages applied for after 4th January 2011. It’s also very likely that the lender will want more information than they’d get in a normal survey. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. This means that mortgages on non-standard construction are often treated on a case by case basis. At the end of the day, understanding these differences in lender criteria is the difference between getting the mortgage or not. In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. As such, if there’s a mortgage out there for you. Build type. This may save you a lot of hassle and wasted valuation and application fees. 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. If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. As a general rule, there are no lenders that are ‘best’. 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. They are also concerned about the property’s value decreasing due to lack of maintenance in certain property types. 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. 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. Anyone with any experience of non standard construction mortgages? We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating. This is the best way to ensure you will end up with the most favourable deal that is available to you. 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. Thus, every lender has its own criteria, with certain non-standard property types preferred to others. Our experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. It’s a form of earth construction, using clay-rich materials. Clay lump is most associated with houses in Norfolk, and was very popular between 1700 and 1900. Cob is another old English style of construction that was particularly popular in Southwest England and Cumbria. It really depends on your circumstances and the nature of the property in question. For example, thatched roofs need to be completely replaced every 30 years or so. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. 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. However, as there are so many non-standard property types, they cannot be classed as equal in terms of risk. With fewer providers to choose from, it’s even more important to seek specialist advice to find the most favourable rates available. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. Mortgages and Furlough: Expert advice on how to get a mortgage after being on furlough. Like we mentioned earlier, it really depends on the profile of the applicant, and the property in question. We do not charge a fee for our advice, instead we charge for arranging your mortgage. The majority of high rise concrete homes you see today were constructed in the sixties and seventies, and providers won’t usually grant a loan for homes made of non-standard materials like concrete. 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. It may be necessary to seek out a specialist lender. Yes, there are mortgages available, though it may be more challenging than getting a non-standard construction mortgage in England and Wales as many lenders do not cover Scotland. 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. Even so, if a non-standard construction house doesn’t fully meet their criteria, a risk-averse lender still may not offer a mortgage on it. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. Furthermore, the brokers can arrange non-standard construction mortgages with the following lenders…. 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. While there is less choice than for a standard mortgage, there are still many lenders who will be happy to consider your application. 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. We passionately believe that our 5-star mortgage broker services will prove highly beneficial for you if you are in a complicated situation, we have and always put our new or … Registered in England No. 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. Some lenders may even insist on this with a non-standard construction property such as a concrete build house. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. Insurers tend to take a similar approach to non-standard properties as lenders do. 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. 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. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. They will offer any advice specific to you and your needs. The good news is that the expert brokers we work with know who they are and have a great working relationship with them. 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. If the initial survey reveals that the building might contain asbestos, or have an unusual frame, they’ll want to see a more detailed structural survey. I’ve had 2 mortgages on it in 24 years - Halifax and Birmingham Midshires, the latter being 12 years ago. 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. The FCA does not regulate most buy to let mortgages. Privacy Policy / Cookie Policy You may have to look further. 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. In the UK we have a variety of providers who are happy to consider all types of non-traditional construction, providing that the property … Some lenders have not issued mortgages to people if they own a BISF home, or want to buy one. 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. We are an information only website and aim to provide the best guides and tips but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong. 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. By making an enquiry you accept that your information will be passed to one of the specialists. Unless we write to tell them that we are prepared to allow the mortgage to remain a tracker rate mortgage. Specialist lenders are available who accommodate non-standard construction mortgages. If you still have questions about non-standard construction mortgages, the experts at Think Plutus can give you the right advice. Mortgages for homes with unusual construction are more difficult to secure. 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