Non Standard Construction Mortgages
Published 16th August 2017
Getting a mortgage on a non standard construction property
A great variety of non-standard construction types exist. We have experience and can help people to acquire a mortgage for any of the following non-standard property types:
- Wimpy no fines
- Prefabricated steel (prefab)
- Flats above shops
- Properties made out of wood/timber
- Flats on a 5th floor or higher
- Thatched roof houses
- Corrugated iron
As well as these more generic and common examples, non standard construction can be further defined by specific house building types based on either wall or roof construction techniques.
- Essex construction types
- Cob construction
- Stramit construction
- Wattle and Daub
- Wooden walls
- Eco friendly roof styles
- Turned woodwork
A non-standard construction type is anything that deviates from the standard construction type definition. The standard definition is a house built from brick and/or block walls. They usually also have standard pitched and tiled roofing and concrete foundations.
Finding the Most Appropriate Lender
Every lender has their own approach to these types of properties and most will require higher loan to values and earnings ratio’s etc as these properties are seen as more risky. Many lenders see these properties as more difficult to sell and a less stable investment.
Understanding every lenders criteria , what they are looking for and where there sticking points and what their guidelines are is crucial to securing a mortgage of this type. Some lenders will be more focused on an independent valuation than specific mortgage criteria.
If you’re struggling or have been declined already don’t worry. Let us look into your case for you. We should be able to get an idea of what options are available to you fairly quickly. We’re a whole of market broker and have a strong knowledge of this area of the market which has obvious benefits. If there are mortgages available to you we will scour the whole market and make sure we get you the most competitive rates on this more difficult to place mortgage type.
Save a lot of time and hassle by speaking to us today. Our aim is to put you in touch with the company best placed to help you with your enquiry. We will probably save you a great deal of time and hassle whatever the outcome.
Non-Standard Home Insurance
It’s also important to consider home insurance when trying to secure a mortgage on this type of property. Because it can present a much greater risk to the insurers, cover can be harder to get and, when obtained, more expensive.
We can have a look into this for you as well if you choose so that if you cannot find insurance on your own, or just want it to be cheaper, we will have some options available to you.
If you're ready to make an application or if you just have an enquiry, please fill out our quick form below and an expert will be in touch ASAP. If you require help immediate assistance please give us a call.