Getting a Mortgage for a Bungalow

Find out how to get a mortgage on Woolaway, Dorran, Colt and Other Bungalows.

Firstly, are you looking for a mortgage on a bungalow?

Home Property Types Getting A Mortgage For A Bungalow
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: March 18, 2024

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

March 18, 2024

Bungalows are a desirable property type for many people, including those with mobility issues and the elderly. They can also be more environmentally friendly and cheaper to construct than standard houses and flats, as they’re easy to prefabricate.

However, that can cause problems when you’re applying for a mortgage. Lenders are often wary of any type of unusual construction and sometimes have lots of additional rules. To prepare you for the issues you might encounter, this article explains the common difficulties of mortgaging a bungalow and how to work around them.

Can you get a mortgage on a bungalow?

Yes you can. Provided your bungalow is of standard construction (i.e. it’s built of bricks and mortar and has a tiled roof), lenders will see it no differently from a house. All the high street banks and mainstream lenders offer mortgages for bungalows.

However, if your bungalow features non-standard construction, e.g. a timber frame, a thatched roof, or concrete walls, you may find it more difficult to get a mortgage. It’s still possible, but you’ll have to look a little harder for the right lender.

A Dorran bungalow or house is a type of precast reinforced concrete (PRC) home. Due to the construction style, they can be difficult to insulate and heat and, consequently, may suffer from damp and other issues. As a result many lenders consider these properties unmortgageable.

After undertaking significant repair work, you can seek a PRC Certificate of Structural Completion, to show lenders that your property is safe and inhabitable.

Some will now consider offering a mortgage based on an inspection and valuation, though they are likely to have additional requirements, e.g.:

  • Some lenders will only consider properties built after 1945 or 1985
  • Some lenders cap the loan-to-value they will offer for this type of home at 80%, 50%, or even 40%

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How to get a mortgage on a bungalow

Though it can be more difficult to get a mortgage for certain types of bungalows, your chances improve if you follow these three easy steps.

Step 1: Speak to a broker experienced in bungalow applications

If your bungalow is one of the types listed above, you need to get more information before you’re ready to make your mortgage application. You should speak to a broker with experience in this specialist area who can tell you everything you need to know.

We work with numerous brokers who deal with Dorran, Woolaway, and Colt homes so, if you’d like us to put you in touch with one of them, you can call us on 0808 189 2301 or enquire online.

Step 2: Prepare your documentation

Your broker will advise you on the documents you’ll need to share as part of your application. This might include a PRC Certificate of Structural Completion, which shows that the bungalow you are buying has been repaired and renovated with cavity walls that meet modern safety standards.

Naturally, you’ll also need the same documentation as other mortgage applicants, which includes personal identification, proof of address, bank statements, payslips, and other proof of income.

Step 3: Find the right lender

Not all lenders offer mortgages for all types of bungalows so, to avoid wasting your time, your broker will select only the ones that are most likely to approve your application. They’ll compare rates from these lenders to make sure you’re getting the best deal.

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Which lenders offer mortgages on bungalows?

Around 60 lenders will consider mortgages on a timber-framed property, and around 20 will consider mortgages on a 100% timber property. These include Barclays, HSBC, NatWest, and Santander.

If you are looking to mortgage a concrete construction property that has a PRC repair certificate, you’ll have a choice of over 40 lenders. Around 20 specifically state that they will consider mortgages on Woolaway properties, including Barclays, Halifax, Nationwide, and NatWest.

There are just three lenders who currently state that they can potentially lend on non-repaired PRC homes.

These are:

  • Together Mortgages
  • Norton Home Loans (though LTV may be restricted to 50%)
  • United Trust Bank

You can approach these lenders directly, but it would be wiser to work with a broker who specialises in this area if you don’t wish to risk a rejection, given your limited options.

The rates for mortgages are comparable with a mortgage on any other property. Rather than depending on the construction material, the rate you’re offered will depend on other factors, including the size of your deposit, the rate type you choose, and the Bank of England base rate at the time you apply.

Get matched with a bungalow mortgage specialist

We work with several brokers who specialise in mortgages on bungalows and other properties with non-standard construction. With their expertise and insight, you’re far more likely to get mortgage approval on your first application.

If you’d like to discuss your mortgage application with an expert, we’ll match you with someone who has exactly the right knowledge and experience. To connect for a free, no-obligation chat, just call us on 0808 189 2301 or make an enquiry online.

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FAQs

Woolaway bungalows that have not been repaired have several defects that may make them uncomfortable to live in, difficult to mortgage, and difficult to sell. You should be certain you understand the work and expense involved in repairing and maintaining the property before you buy one.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. 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. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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