Online Mortgage Advisor, Bezant House, Bradgate Park View, Chellaston, Derby, United Kingdom, DE73 5UH, Think carefully before securing other debts against your home. Mortgages for Properties With a Flat Roof. It’s seen something of a resurgence lately as a green building technique. 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. It typically uses a clay mix, in which crushed flint or sand is added to give strength and volume. 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. 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. How Does a Home Equity Loan Work? Where a property is of non traditional construction please contact your usual Service Centre with the following detals for further advice: Our knowledge and experience of the differences in lender criteria could be the difference between getting a great mortgage and being swiftly declined. *Based on our research, the content contained in this article is accurate as of most recent time of writing. Non-standard mortgages are a niche lending market and eligibility is particularly important. This is often done as part of a certified repair scheme and, depending on the property, can be very expensive. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … In fact, there are plenty of unusual properties that are, from a structural point of view, just fine. Thus, every lender has its own criteria, with certain non-standard property types preferred to others. Cob is another classical English construction style that was quite prominent in Cumbria and the Southwest of England. 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. We moved into our non-standard construction property yesterday it's poured concrete too. © 2021 Online Mortgage Advisor. 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. Non Standard Construction Mortgage Halifax It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. Searching For Reverse Mortgage Funding Mortgagee Clause Bdo Calculator Home Loan Non Standard Construction Mortgage Halifax New Executive Mortgage No Closing Cost Mortgage Natwest Offset Mortgage Rates Note Vs Mortgage New Day Home Loans Nationwide Credit Score Mortgage Nations Mortgage Anderson Sc Northeast Home Loan . 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. You may have to look further. Thatched roofs, for example, must be replaced entirely approximately every 30 years. Often, this is done as a component of a certified repair scheme, which can be very expensive to have done. 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. This means that mortgages on non-standard construction are often treated on a case by case basis. So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. Specialist lenders are available who accommodate non-standard construction mortgages. Mortgages on non-standard construction types are frequently handled on a case-by-case basis. 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. As a whole of market broker, Think Plutus has access to lenders that simply aren’t available to the general public. We’ll find the perfect mortgage broker for you - for free, Save time and money with an expert mortgage broker who specialises in cases like yours. 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. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. The most common types of construction in the UK include: Timber Frame Extremely popular with Self Builders due to its energy efficiency and the fact that it is a relatively quick method of construction 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. We do not charge a fee for our advice, instead we charge for arranging your mortgage. 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. Some lenders will blanket refuse a mortgage on certain properties that really aren’t a big risk to them. As such, the ‘non-standard construction’ category covers a huge variety of cases, including…. Clay lump is most associated with houses in Norfolk, and was very popular between 1700 and 1900. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. As a general rule, there are no lenders that are ‘best’. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. Having experienced Mortgage Advisors in Halifax, we work with lots of mortgage lenders that specialise in different areas. We were told at the time they were 1 of 2 lenders. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. 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. 40% deposit. However, as there are so many non-standard property types, they cannot be classed as equal in terms of risk. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … 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. Think Plutus® is a trading name of The Finance Planning Group Limited. Think Plutus® is a registered trademark. Having said that, there are specialist insurers who are more familiar with non-standard property types and may offer a good deal. What is a non-standard construction mortgage? 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. 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. For example, if the building is listed – they’ll probably want to see a specialised Listed Building Survey. 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. 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. In the UK we have a variety of providers who are happy to consider all types of non-traditional construction, providing that the property … Categorising things into ‘standard’ and ‘non-standard’ is a way for lenders to mitigate their risk. A great broker understands the many types of construction, and what lenders are more sympathetic to them. Please email us on [email protected] if you see anything that needs updating and we will do so ASAP. ‘K Lath’ is a kind of reinforced mesh, used to reinforce cladding and stucco walls. There’s often some great opportunities to be had when looking for your next home if you consider flats above shops. 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. 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. Income & affordability: Most non-standard construction mortgage providers cap their lending at x4 your salary, others x5 and a minority x6. 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. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number 697688. 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. 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. It isn’t particularly helpful to think in terms of which lenders are ‘best’. It has been recognised recently as a green building technique, which has led to something of a resurgence. Contact us today by phone or by filling out the contact form and we’ll answer your questions. Copyright © 2020 Think Plutus, Mortgage Broker London 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. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. As with all non-traditional properties, mortgages are available but only from certain providers. For these lenders, anything that deviates from this is ‘non-standard’. They will offer any advice specific to you and your needs. Though ‘K Lath’ is a proprietary product, the term is now used to describe a range of reinforced lath construction techniques. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. I’ve had 2 mortgages on it in 24 years - Halifax and Birmingham Midshires, the latter being 12 years ago. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Nationwide doesn’t lend on anything above 5 stories unless it is located in London. This is common, for example, with certain types of steel framed house, which can be reinforced, thus making them safer. 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. A steel house mortgage, therefore, may be difficult to secure. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. No problems with buildings insurance either. Let us take the hard work and stress out of the equation for you and ensure you get the best possible deal. Houses build from the following materials are also considered ‘non-standard’ or ‘non-traditional’…. As such, K Lath is a proprietary product, but the term is now often used to describe various reinforced lath constructions. With fewer providers to choose from, it’s even more important to seek specialist advice to find the most favourable rates available. Read more on mortgage deposits here. Halifax Standard Variable Rate - for mortgages applied for before 4th January 2011. 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. 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. The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. Our typical fee is £495 depending on your circumstances. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. 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