Mortgage on Timber-Framed House
From over 100 lenders, at least 58 consider borrowers with a timber-frame property. Each lender has different policies, so it’s best to speak with one of our experts. We’ve helped over 600 customers with timber-framed homes, with 8 experts dedicated to this type of mortgage. We guarantee to get your mortgage approved and find you the best deal. If we can’t and someone else does, we’ll give you £100!*
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Author: Pete Mugleston
CeMAP Mortgage Advisor, MD
Reviewed by: Jon Nixon
Former Director of Distribution
Quick Summary
Timber-framed homes are often classed as “non-standard construction” and lenders all have a different policy on which property types they are happy with.
So when it comes to property with timber frame, or even fully timber, the number of lenders that will lend to you reduces – Whether you can get a mortgage will largely depend on the property’s age, condition, and the type of cladding used.
Newer timber-framed homes built to modern standards are usually mortgageable, but older property can present challenges, particularly those from the 1960s to 1980s or ex-local authority stock. Properties with defective cladding may also be harder to finance.
As of right now, at least 58 lenders consider timber property, but to find the best fit for you (including your income, affordability, credit history and all other factors) usually takes expert help (to do well and quickly anyway!).
In this article:
Mortgages and timber framed properties
How to mortgage other timber properties
Yes. This is potentially possible, but whether your mortgage is approved depends on a number of factors. Despite their popularity, some mortgage lenders deem timber frame properties ‘non-standard’ and may be concerned about the quality and longevity of the property’s structure and the higher risk of fire damage.
These issues can make getting a timber frame mortgage difficult, but not impossible. This is where the advisors we work with come in. Our network includes brokers who are experts on timber frame property mortgages. They are well aware of the pitfalls they pose and know exactly which lenders offer these mortgages at the best possible rates.
A variety of factors can affect whether you’ll be able to get a timber-frame house mortgage and, if so, the kind of terms that a lender might offer you.
There’s a lot of variety within the category of timber-framed properties. Many timber-framed house mortgage problems are caused by the less reliable varieties of the house – there are more than 200 varieties of timber-frame properties on the market.
The timeframe in which the property was built can be a big factor – and newer is not necessarily better. For example, there are reports of houses built in the 1400s holding up better than houses built in the 1970s.
This is why a detailed survey is so important. You may find that your lender will want to carry out a timber and damp survey for a mortgage on this type of property to determine specifically what kind of timber frame you’re dealing with.
This could include a full structural engineering report, which could cause problems if surveyors cannot access and inspect the frame (for example, if the cavities have been filled with foam). ‘Hidden defects insurance may be required if this concerns you or the lender.
Lenders are often interested in the kind of cladding and the exterior of the building. They like timber-framed properties with an exterior that is predominantly brick or stone. An exterior consisting of more brittle materials such as metal sheeting, timber, or plastic could make getting a mortgage on a timber-framed house much more difficult.
Some lenders are more open to financing timber-framed properties at better rates. The expert advisors we work with know who these lenders are and may be able to help you find one of them.
Your credit history will determine how risky your lender will deem you. It can be a barrier but is usually not a deal-breaker. Things that can affect your credit history include recent missed payments, defaults or repossessions. If you want to know more about how your credit history can affect your application, look at our article on bad credit mortgages.
You can download your credit reports to see your current credit record. If you see anything on the report you’re unsure of, it’s worth contacting a mortgage broker who can advise you on the best course of action before applying for a mortgage.
Get expert advice immediately if…
If you’re unsure of the answer to any of the following questions, getting expert advice from a specialist mortgage broker could increase your chances of securing a mortgage.
- What is the age and construction method of the timber frame?
- Is the timber frame original, or has it been repaired/modernised?
- What type of external cladding is present?
- Is there a structural survey available?
- Has the property been mortgaged before without issue?
Financing a timber-framed extension with a mortgage
This is theoretically possible, but a timber-framed extension might require a specialist lender, as some providers are conservative regarding the external finishes they permit.
Timber frame extensions can be more affordable than traditionally built ones due to being less labour-intensive, but whether you refinance an existing mortgage or take out a new one on a property you own outright, you should always make sure the value the extension will add to your home exceeds the amount it costs to bankroll.
Will I need planning permission?
If the project does not exceed a certain size and scale, you may be able to extend it without planning permission under Permitted Development Rights (PD). Anything outside of PD criteria will require planning permission from the local authority.
You should also consult with the local council if your property is in a conservation zone or an Area of Outstanding Natural Beauty.
Can I get a mortgage on a home with timber cladding?
If the property you’ve got your eye on has timber cladding, this could well be specialist lender territory. Most mortgage lenders accept decorative cladding over blockwork, but some will turn you away outright if there’s no blockwork beneath the timber cladding.
Some lenders are cautious of timber cladding because it requires regular maintenance. If the property owner does not keep up with it, the home could depreciate and, therefore, be more difficult to resell in the event of a repossession.
Your choice of lender may depend on how much of the property has timber cladding. Some providers will lend if it covers the entire home, while others will only lend if the ground floor is brick and block and the timber is restricted to the first floor.
Mortgages for timber lodges
To finance the purchase of a timber lodge, you could apply for a log cabin mortgage from a niche mortgage provider or construct one yourself (assuming you have the means and expertise) by going down the self-build mortgage route. Insurance and interest rates tend to be higher on log cabin mortgages than on self-build mortgages.
Self-build mortgages are harder to come by than standard residential loans, so seeking specialist advice is doubly important if you need one to finance a non-standard construction property such as a log cabin.
This is niche lending territory, but with the help of the whole-of-market brokers we work with, you’ll stand the best chance of finding timber lodge finance at favourable rates.
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Can I get a buy-to-let mortgage on a timber-frame property?
Yes, this is possible if you pass the lender’s eligibility requirements. The factors affecting whether a timber frame property is ‘mortgageable’ are the same for a buy-to-let property as for a residential home.
The only real difference is the way affordability is assessed. The mortgage provider will likely base their lending decision on the viability of the investment, i.e. whether the forecast rent income will cover the mortgage payments each month.
Head to our standalone guide if you need more information on buy-to-let mortgages.
Related Articles
Self-build mortgages for timber-framed properties
Getting a self-build mortgage to construct a timber-frame property may be possible, but only if you have the means and expertise to build it or at least oversee the construction. Timber frame is a popular material among self-build mortgage borrowers due to its energy efficiency and the fact it’s a relatively quick method of construction.
With self-build mortgages, the funds are usually released in staged drawdowns as the building work progresses. Most lenders insist on carrying out site inspections ahead of each stage to ensure the building work is progressing as planned.
Specialist advice is important for a timber frame self-build mortgage, so enquire about speaking with a mortgage advisor and finding your options.
Potential problems with a timber frame house
Like many non-standard properties, timber frame houses could be harder to insure and/or sell afterwards. Insurers will mostly be concerned about the perceived fire risk of a timber frame.
In contrast, property buyers and mortgage lenders will be wary of a house with a wooden frame because they may be perceived as less ‘durable’ compared to standard construction properties.
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Whether your property is ‘non-standard’ or ‘regular’, one of the whole-of-market mortgage brokers we work with is probably your greatest ally in getting the finance you need for the property you want.
They’re one of the best sources of mortgage advice regarding timber-framed houses you can find and sometimes can get you access to broker-only deals and lenders that are not available to the general public. A great broker knows from experience what kind of lenders are best for your unique circumstances and can save you the heartache, wasted time and money of rejected applications.
If you have questions about timber-framed property and want to speak to an expert for the right advice, call Online Mortgage Advisor today at 0330 818 7026 or make an enquiry online.
Then sit back and let us do all the hard work of finding the broker with the right expertise for your circumstances. We don’t charge a fee, and your credit rating has no obligation or marks.
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FAQs
Simply put, it’s a property with a framework made from timber materials. Timber frame construction is again gaining popularity – though houses have been built this way for a long time. Most timber-framed properties have an outer layer of brick, so it’s not always immediately obvious whether the house is a timber frame.
Timber frames are relatively cheap to construct, and it’s for this reason that many new builds have them, but like most houses, they can vary in quality.
Dampness and timber decay are the main issues that can affect timber-framed properties. Many properties are being built with timber frames, and to much higher standards. As such, these new-build timber frames can be much easier to finance than older examples.
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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in timber properties.
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Pete Mugleston
CeMAP Mortgage Advisor, MD
Pete, a CeMAP-qualified mortgage advisor and 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 successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and 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!
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