Insurers tend to treat non-standard construction in a similar fashion to lenders. Truth be told, plenty of non-standard property types are, structurally-speaking, very strong and reliable. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! 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. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. 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. 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. It’s a form of earth construction, using clay-rich materials. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. Can I get a non-standard construction mortgage? Think Plutus® is a trading name of The Finance Planning Group Limited. © 2021 Online Mortgage Advisor. Privacy Policy / Cookie Policy The lender is likely to want more detailed information than they would get from a normal survey. 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. 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. As such, if there’s a mortgage out there for you. 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.. It has been recognised recently as a green building technique, which has led to something of a resurgence. 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. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. 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. 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. 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. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Where a property is of non traditional construction please contact your usual Service Centre with the following detals for further advice: Think carefully before securing other debts against your home. 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. Thus, every lender has its own criteria, with certain non-standard property types preferred to others. *Based on our research, the content contained in this article is accurate as of most recent time of writing. Practically speaking, non-standard construction mortgages are not dissimilar to mortgages for houses with a standard construction. To get an idea how much you could borrow on a Buy to let mortgage, visit our mortgage calculator . The good news is that the expert brokers we work with know who they are and have a great working relationship with them. How do I get a non-standard construction mortgage? 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. You may have to look further. 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. Our experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. Get in touch and one of the expert advisors we work with can help you find a lender more sympathetic to your circumstances. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … Lending terms vary depending on construction types and if a repair scheme, where appropriate, has been used. 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. Obtaining a mortgage. If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. It’s a form of earth construction that involves clay-rich materials. Contact us today by phone or by filling out the contact form and we’ll answer your questions. Please email us on [email protected] if you see anything that needs updating and we will do so ASAP. 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. While there is less choice than for a standard mortgage, there are still many lenders who will be happy to consider your application. By making an enquiry you accept that your information will be passed to one of the specialists. 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. Mortgages for Properties With a Flat Roof. As such, lenders tend to offer them at more onerous terms – lower LTVs, higher interest rates and stricter affordability requirements are not uncommon. 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. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. Why is getting a non-standard construction mortgage more difficult? Think Plutus helps people arrange mortgages on a wide range of non-standard construction properties, so we can quickly help you get an idea of how likely it is that you will obtain the mortgage you need. Copyright © 2020 Think Plutus, Mortgage Broker London It’s also very likely that the lender will want more information than they’d get in a normal survey. ’Non-standard’ construction covers a huge category in the property world. These mortgages aren't available to first-time buyers or applicants under the age of 25. What is a non-standard construction mortgage? Non-standard mortgages are a niche lending market and eligibility is particularly important. If you still have questions about non-standard construction mortgages, the experts at Think Plutus can give you the right advice. 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. Can I get a mortgage for a non-standard construction property in Scotland? Income & affordability: Most non-standard construction mortgage providers cap their lending at x4 your salary, others x5 and a minority x6. They are also concerned about the property’s value decreasing due to lack of maintenance in certain property types. What mortgage term would you like? 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. Some lenders have not issued mortgages to people if they own a BISF home, or want to buy one. 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. Our mortgage was also with Natwest, seems like it could be the way to go! It’s seen something of a resurgence lately as a green building technique. One of the reasons mortgage lenders will not offer mortgages for non-standard construction properties is the future resale value. You may have managed to obtain a mortgage on a non-standard property, but that doesn’t necessarily mean that another buyer will be able to later on. 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. 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. When it comes to the actual construction of the property there are several options that are available. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. It may be necessary to seek out a specialist lender. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. Nationwide doesn’t lend on anything above 5 stories unless it is located in 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. Anyone with any experience of non standard construction mortgages? 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. For insurance business we arrange policies from a panel representative of the whole of the market. Although some non standard buildings can be beautiful to look at, mortgage lenders are focussed on the structural integrity of the property. 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. I’ve recently being trying to remortgage on a BTL and really struggling to find a lender. As such, the ‘non-standard construction’ category covers a huge variety of cases, including…. So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. As far as they’re concerned, everything else is ‘non-standard’. Specialist lenders are available who accommodate non-standard construction mortgages. Getting a mortgage if your property is built from non standard construction e.g. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. 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. In niche lending territory like this, a specialist mortgage broker for bad credit and non-standard construction is essential to ensure that you end up with the most favourable rates available. We were told at the time they were 1 of 2 lenders. 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. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Though ‘K Lath’ is a proprietary product, the term is now used to describe a range of reinforced lath construction techniques. There’s often some great opportunities to be had when looking for your next home if you consider flats above shops. Halifax Homeowner Variable Rate - for mortgages applied for after 4th January 2011. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number 697688. Pete also writes for OMA of course! 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. 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. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. 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. 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. 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. The expertise of a mortgage broker could be priceless. 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. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. Build type. In the UK we have a variety of providers who are happy to consider all types of non-traditional construction, providing that the property … However, as there are so many non-standard property types, they cannot be classed as equal in terms of risk. Categorising things into ‘standard’ and ‘non-standard’ is a way for lenders to mitigate their risk. We moved into our non-standard construction property yesterday it's poured concrete too. ‘Non-standard’ construction is a significant category in the property market. For example, let’s say you want to get a mortgage with a debt management plan against your name. With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. This is common, for example, with certain types of steel framed house, which can be reinforced, thus making them safer. 40% deposit. 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. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. 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. 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. Non Standard Construction Mortgage When trying to get a mortgage for non standard construction, it can prove to be problematic. 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