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Can I get a mortgage on a non-standard construction?
Yes, however, it may be less straightforward than for a standard construction property.
You will be pleased to learn that there are in fact, specialist lenders who are used to lending on non-standard construction properties.
As a whole-of-market broker, our experienced advisors have access to thousands of deals including those from specialist non-construction lenders. If you have your heart set on a non-standard construction property, don't despair!
Complete our simple online form today to get started or carry on reading to learn more.
What is a non-standard construction property?
You may be asking, what classes as non-standard construction? The term 'non-standard' typically applies to anything that is not constructed from brick and mortar - which accounts for a large portion of property. Non-standard constructions include buildings such as:
- Steel or timber-framed houses
- High rise flats
- Houses with thatched roofs
- Single brick construction
- Concrete prefab buildings
Why can it be harder to get a mortgage on a non-standard construction property?
By identifying properties as standard or non-standard, lenders are seeking to mitigate their risk in the property build itself.
Brick and mortar properties are seen as relatively minor risk in terms of maintenance and re-sellability. Their value generally increases over time.
By comparison, non-standard properties are seen as a higher risk investment both in terms of securing a mortgage and appropriate insurance.
Are there any differences in a non-standard construction mortgage?
You may find that lenders alleviate their risk on the property constructio by imposing stricter lending rules, requiring a more substantial deposit and offering less favourable rates.
The term of the mortgage may also be shorter than on a standard construction home.
At Teito, our experienced team of advisors have helped many people like you to secure the best mortgage deal possible on their non-standard construction home. Complete our online form today to get started!
Maintenance on non-standard construction properties
Depending on the characteristics of the non-standard property, the mortgage provider will be concerned about the maintenance and upkeep involved as time goes by.
For example, thatched roofs need totally replacing roughly every forty years, with the roof ridge replenished every ten years. If this essential maintenance was not performed, it would have a severe outcome on the value of the property. The lender is likely to struggle to sell the property in a state of disrepair should it be repossessed.
It may be that you are able to convert your non-standard construction home into a more standard and therefore, more mortgageable property.
Selling a non-standard construction property
Even though you have fallen in love with a non-standard construction house, it doesn't mean that everyone will.
There is likely to be a particular niche for your property, meaning the supply of willing buyers is smaller.
Insurance for non-standard construction property
You may find it more complicated and expensive to insure your non-construction home
With maintenance more complex and the pool of appropriate contractors decreased, it is worthwhile investigating the cost and availability of insurers before finalising the sale. Our advisors at Teito can help with this.
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Surveyor for non-standard construction homes
For non-standard construction homes, surveyor feedback can make an immense difference to the mortgage provider's decision and resultant offer.
For this reason, try to make sure you find a surveyor who is accustomed with the type of construction and who can make educated comments back to the lender.
Types of non-standard construction homes
Unusual Flats
Where a flat is too small or too high up, it can be classed as non-standard. For flats under 30 square metres or above the 5th floor, sourcing a willing lender can be a challenge.
These homes are relatively rare, built after World War 2 when demand for new housing peaked. They were quick to construct and can be durable; however, some have been criticised for lack of insulation and structural integrity issues.
Timber-framed houses are cost-efficient and fast to build. The quality of these homes can vary significantly, generally the newer the build, the higher the quality.
Prefab concrete houses
Constructed following WW2 when there was a need for fast, affordable homes, prefabricated concrete houses provided the solution. Some mortgage lenders are unwilling to lend on these homes due to structural integrity issues.
Flat roofs
Pitched roofs are preferable to lenders, and they are more likely to accept a home with a small portion of flat roof rather than a full flat roof.
Thatched roofs
Some specialist lenders will consider lending on a thatched roof property.
How can I learn more?
Our team of experienced advisors can recommend specialist lenders for the non-standard construction.
As a whole-of-market service, we can access deals not accessible to the general public, including lenders who specifically deal with non-standard properties.
Complete our online form today to find the perfect mortgage for your non-standard construction home!
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
Last updated 28 February 2024