Getting a mortgage if your property is built from non standard construction e.g. Where a property is of non traditional construction please contact your usual Service Centre with the following detals for further advice: We do not charge a fee for our advice, instead we charge for arranging your mortgage. The brokers we work with can find it for you, and at the most competitive rate possible. Mortgages for homes with unusual construction are more difficult to secure. The lender is likely to want more detailed information than they would get from a normal survey. 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’s seen something of a resurgence lately as a green building technique. 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. 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 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. Lending terms vary depending on construction types and if a repair scheme, where appropriate, has been used. These mortgages aren't available to first-time buyers or applicants under the age of 25. To a lesser extent they’re also worried about a lack of maintenance leading to depreciation in price. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. A great broker understands the many types of construction, and what lenders are more sympathetic to them. 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. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. 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. Insurers tend to treat non-standard construction in a similar fashion to lenders. 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. For example, thatched roofs need to be completely replaced every 30 years or so. 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. Most lenders will only lend on standard brick and tile or stone and slate construction properties. With a listed building, for example, they will probably require a specialist Listed Building Survey. Pete also writes for OMA of course! 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. As such, if there’s a mortgage out there for you. It’s a form of earth construction, using clay-rich materials. 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. 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 best way to kick off your mortgage application is by seeking advice from a whole-of-market broker, like the ones we work with. For non-standard construction mortgage advice you can trust, Think Plutus. We only found out about the non-standard construction from the mortgage valuation. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. Non Standard Construction Mortgage When trying to get a mortgage for non standard construction, it can prove to be problematic. Tunbridge Wells / Haywards Heath / Brighton. 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 … Build type. The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. For example, let’s say you want to get a mortgage with a debt management plan against your name. If you want to start the process, we’ll arrange a consultation and get the ball rolling on finding you the right lender for your circumstances. 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. Think Plutus® is a registered trademark. 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. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. 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. 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. Think Plutus® is a trading name of The Finance Planning Group Limited. The FCA does not regulate most buy to let mortgages. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. You may not get the competitive premiums that you’d get on a standard property. 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. 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. 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. concrete, steel or timber can be difficult and getting a good mortgage rate for a non standard construction property can be even harder! In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. It has been recognised recently as a green building technique, which has led to something of a resurgence. You will need to find the lender best positioned to help customers with this specific type of credit problem. Online Mortgage Advisor, Bezant House, Bradgate Park View, Chellaston, Derby, United Kingdom, DE73 5UH, Think carefully before securing other debts against your home. It really depends on your circumstances and the nature of the property in question. 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. As far as they’re concerned, everything else is ‘non-standard’. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. I own a non-standard construction property (woolaway). Can I get a mortgage on a non-standard construction house?’ It’s a question we hear from prospective buyers all the time. 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.. The Finance Planning Group Limited is authorised and regulated by the Financial Conduct Authority (FCA). Customers in the market for non-standard construction mortgages should also be mindful of the following…. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. Obtaining a mortgage. The good news is that the expert brokers we work with know who they are and have a great working relationship with them. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! As with all non-traditional properties, mortgages are available but only from certain providers. What this means is that picking the right lender is often what decides whether your application is successful. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. 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. Categorising things into ‘standard’ and ‘non-standard’ is a way for lenders to mitigate their risk. Some lenders have not issued mortgages to people if they own a BISF home, or want to buy one. 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. 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. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. This may save you a lot of hassle and wasted valuation and application fees. As a whole of market broker, Think Plutus has access to lenders that simply aren’t available to the general public. 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. 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 . We moved into our non-standard construction property yesterday it's poured concrete too. What other types of non-standard construction houses are there? A steel house mortgage, therefore, may be difficult to secure. They are also concerned about the property’s value decreasing due to lack of maintenance in certain property types. An APRC is calculated using a standard method so it provides an effective way for you to compare quotes from different lenders. 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. While there is less choice than for a standard mortgage, there are still many lenders who will be happy to consider your application. 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… With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. 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