Non Standard Construction Mortgages
Published 2nd April 2018
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 one of the experts we work with look into your case for you - as whole of market specialists they have a strong knowledge of construction types and what lenders do and don't accept, so if there is a mortgages available to you they'll find it, and always ensure you get the most competitive rates.
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.
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 can be more expensive (depending on the construction type, property type, and age).
Your expert will of course look into this for you as well, so that if you cannot find insurance on your own, or just want it to be cheaper, they are likely to have several options available.
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.