Mortgages for non standard contstruction properties

There are mortgages available for many different types of property construction. Anything from wooden homes, prefabricated homes, concrete Reema homes and more are acceptable to certain lenders. However, it must be said that certain types of contruction are not mortgagable with the high street lenders.

conctrete home mortgage broker cardiff south walesReema PRC Concrete Property

Reema properties come in two basic grades. The type known as “Hollow Panel” is normally only available if the property has been renovated and has a guarantee to establish that it has taken place. Normally the local council will have a record of this even if the owner does not have a guarantee or certificate available. Where no renovation has taken place, it may still be possible to secure a loan up to 60% of the property value if the property is being purchased for commercial purposes, such as Buy To Let.

The alternative type of Reema “Conclad”, is normally suitable for many of the high street lenders to lend on, subject to general condition in very much the same way as a standard brick and tile construction property.

If you are looking for a purchase mortgage on a non standard property construction or a remortgage for a non standard property.

Mortgages available for:

  • Reema PRC Conclad concrete construction properties
  • Reema PRC Hollow Panel concrete construction properties
  • Thatched roof properties
  • Mineral Fibre Mechanically Fixed properties

Thatched roof properties

Although thatched roof properties are often subject to an increase premiums for home insurance, there is a good selection of high street and specialist lenders who will consider lending on standard terms. If you are looking to purchase a property with a thatched roof, your lender may require a more indepth valuation than the standard valuation for mortgage purposes. If the property is in good order and the are details available of when the roof was last inspected or re-furbished it is advisable to provide the information and any documentation to your mortgage broker in advance.

Wooden Homes

Referring to complete wooden homes and not timber framed contruction, these often do not retain the same value as standard construction. More commonly used as holiday homes or temporary residence, a wooden home is more difficult to use a security for lending.

Prefabricated Contruction

prefab steel home mortgagesEssentially prefabricated homes fall into two broad categories:

1) those mostly intended as temporary homes after World War 2, yet many still remain. It is possible to obtain a mortgage on such a property for Buy to Let purposes, however, the property must be in good condition overall and entirely habitable.

2) Modern, state of the art energy efficient prefab homes. There i a reasonable range of mortgage lenders who will consder lending on this type of property. Tale to Harvey Bowes today to find out more on 02921754150.

Properties less than 10 years oldprefab-home-mortgages-harvey-bowes-mortgage-broker

Where a property has been built within the last 10 years, a lender will normally require some sort of guarantee. Trasditionally there are a number of schemes, most commonly known is possibly the NHBC or LABC. Although not issuing new guarantees, the Zurich guarantee was also widely used at one point and a home could still be under an existing Zurich guarantee. However, it is not limited to these well known schemes. Many self-build properties, or those sold by smaller developers, they may not have this type of guarantee offered with the property. This in itself does not make the property un-mortgageable with a high street lender. However, they will require certification that the property was constructed to a certain acceotable standard; and would therefore ask for an Architects guarantee from a suitably qualified Architect or Building Contractor. If you are buying a property which has been built within the last 10 years and none of the aforementioned is available, think carefully about making this purchase. Not only could the property be of unsound construction, but the re-sale value of you wanted to move on would undoubtedly be restricted.

Barn Conversions

Normally, where a barn conversion has been completed within 10 years, the lender will still require some form of building guarantee, such as NHBC or LABC. Alternatively, a RICS or similar report by a qualified building inspector or engineer will also be suitable. It is important under these circumstances to find out exactly what documentation there is to support the conversion before submitting a mortgage application to the lender, as the requirements vary. However, provided the quality of the conversion has been signed off by a suitably qualified surveyor or has a recognised building guarantee, there is a wide range of lenders who will accept an application based on the property type..

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Your home may be repossessed if you do not keep up repayments on your mortgage

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