To get an idea how much you could borrow on a Buy to let mortgage, visit our mortgage calculator . 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.. 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. Generally speaking, non-standard properties are considered higher risk, which makes them more difficult to finance. 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. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. 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. Please email us on [email protected] if you see anything that needs updating and we will do so ASAP. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … Non Standard Construction Mortgage When trying to get a mortgage for non standard construction, it can prove to be problematic. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. You may have to look further. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. Halifax Homeowner Variable Rate - for mortgages applied for after 4th January 2011. But, as you can imagine, non-standard properties are not equally reliable, and every lender tends to have its own criteria, favouring certain non-standard properties over others. If you still have questions about non-standard construction mortgages, the experts at Think Plutus can give you the right advice. Some lenders will blanket refuse a mortgage on certain properties that really aren’t a big risk to them. Categorising things into ‘standard’ and ‘non-standard’ is a way for lenders to mitigate their risk. 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. As a whole of market broker, Think Plutus has access to lenders that simply aren’t available to the general public. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. Customers in the market for non-standard construction mortgages should also be mindful of the following…. With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. For example, thatched roofs need to be completely replaced every 30 years or so. As a general rule, there are no lenders that are ‘best’. Equity released from your home will also be secured against it. 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. These mortgages aren't available to first-time buyers or applicants under the age of 25. 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. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … Like we mentioned earlier, it really depends on the profile of the applicant, and the property in question. 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. The most competitive premiums that you’d see on a standard property may not be accessible. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. 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. Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press. Think Plutus® is a trading name of The Finance Planning Group Limited. Registered in England No. You will need to find the lender best positioned to help customers with this specific type of credit problem. Houses build from the following materials are also considered ‘non-standard’ or ‘non-traditional’…. Specialist lenders are available who accommodate non-standard construction mortgages. Your Mortgage Illustration will detail the fees which are included in this calculation. 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… Why is getting a non-standard construction mortgage more difficult? By categorising construction types as ‘standard’ and ‘non-standard’, lenders can mitigate risk. Having experienced Mortgage Advisors in Halifax, we work with lots of mortgage lenders that specialise in different areas. For non-standard construction mortgage advice you can trust, Think Plutus. It really depends on your circumstances and the nature of the property in question. Find out more: improving your mortgage chances; 3) Properties made of concrete. Construction requirements. How Does a Home Equity Loan Work? They are also concerned about the property’s value decreasing due to lack of maintenance in certain property types. 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 carefully before securing other debts against your home. Location, for example sometimes being near a factory, river or … The best way to do it right is to seek the advice of a whole-of-market broker like Think Plutus. ‘K Lath’ is a kind of reinforced mesh, used to reinforce cladding and stucco walls. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your 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. 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. Truth be told, plenty of non-standard property types are, structurally-speaking, very strong and reliable. 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. 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 … We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. ‘Non-standard’ construction is a significant category in the property market. 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. 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. Some lenders may even insist on this with a non-standard construction property such as a concrete build house. Can I get a mortgage for a non-standard construction property in Scotland? In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. 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. We only found out about the non-standard construction from the mortgage valuation. 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. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. 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. 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. For insurance business we arrange policies from a panel representative of the whole of the market. 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. In the world of many mortgage lenders, a ‘standard’ property is built from brick, has a roof that is tiled and concrete foundations. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. Other lenders consider their criteria to be more of a guide than a set of requirements, and will pay more attention to the survey and valuation. If the property you are looking to purchase / re-mortgage fits outside of this criteria then we have access to specialist lenders who will consider in excess of 100 ‘non-standard construction’ or ‘non traditional’ properties such as Wimpey No Fines, Wates, Woolaway and Reema. They help people to arrange mortgages on non-standard construction houses and can quickly help you determine how realistic your odds of getting funding for the deal are. No problems with buildings insurance either. Think Plutus® is a registered trademark. What is a non-standard construction mortgage? 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. 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. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. 40% deposit. 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. Get in touch and one of the expert advisors we work with can help you find a lender more sympathetic to your circumstances. They will offer any advice specific to you and your needs. Tunbridge Wells / Haywards Heath / Brighton. 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. Clay lump is most associated with houses in Norfolk, and was very popular between 1700 and 1900. By making an enquiry you accept that your information will be passed to one of the specialists. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating. Here at First Choice Finance we have multiple low rate non-standard construction mortgage lender plans. The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. 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. Getting a mortgage if your property is built from non standard construction e.g. 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. 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. They know in advance what lenders have financed this sort of thing in the past and can help you tailor your application, ensuring that the lender is happy and that you get approved, the first time around. Lenders always have an eye on the resale market, because if the buyer defaults on their mortgage repayments the lender will look to resell the property to get their money back. (don't know how true that was You may not get the competitive premiums that you’d get on a standard property. Copyright © 2020 Think Plutus, Mortgage Broker London 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 experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. With fewer providers to choose from, it’s even more important to seek specialist advice to find the most favourable rates available. Sadly, many clay lump buildings haven’t been very well maintained, and the ones that are still standing are often patched together with more modern parts, such as cement and brick. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. A great broker understands the many types of construction, and what lenders are more sympathetic to them. Build type. Cob is another old English style of construction that was particularly popular in Southwest England and Cumbria. For example, let’s say you want to get a mortgage with a debt management plan against your name. A steel house mortgage, therefore, may be difficult to secure. Thatched roofs, for example, must be replaced entirely approximately every 30 years. 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. 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. 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. 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