Concrete Houses

Can I get a mortgage for a concrete house?

If you're looking to buy a concrete construction home, you may be concerned that you won't be able to get a mortgage. Concrete houses are classed as 'non-standard' construction, which means it can be more challenging to find a willing lender. 

Constructed following WW2 when there was a need for quick, cheap housing, prefabricated concrete homes provided the solution. Many mortgage providers are reluctant to lend on these homes due to potential structural integrity issues. 

The good news is that there are specialist lenders who deal with non-standard construction mortgages. As a whole of market broker, our experts at Teito have access to more than 100 lenders, including those who specialise in non-standard construction. If you're ready to get started, complete our simple online form now and we promise to make your mortgage journey as stress-free and straightforward as possible. 

What is non-standard construction?

The term 'non-standard' generally applies to anything that is not constructed from brick and mortar - accounting for a large portion of all property. As well as concrete buildings, non-standard constructions include examples such as:

• Steel or timber-framed houses
• High rise flats
• Houses with thatched roofs
• Single brick construction

Why can it be harder to get a mortgage on a concrete building?

By classing properties as standard or non-standard, lenders are seeking to mitigate their risk in the property construction itself. Brick and mortar properties are viewed as a relatively low risk both in terms of maintenance and the ability to resell in the event of repossession. The value of standard property typically increases over time.

Generally, non-standard properties are seen as a higher risk investment both in terms of securing a mortgage and sourcing appropriate insurance. 

Are there any differences in a non-standard construction mortgage?

You may find that lenders mitigate their risk on the property construction type by enforcing stricter lending criteria, often requiring a bigger deposit contribution and offering less competitive rates.

The term of the mortgage provided may 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 type of non-standard property you are considering, the lender will be concerned about the maintenance and upkeep involved over time. It may be that you are able to convert your non-standard construction home into something more standard and therefore, more mortgageable. 

What about selling the property?

Although you have fallen in love with a concrete home, it doesn't mean that everyone will. There is likely to be a particular niche for your property, meaning the pool of willing buyers is smaller. 

Don't forget about specialist insurance

You will find that insuring non-standard properties can be more expensive in comparison to traditional homes.

With maintenance more involved and the pool of suitable contractors reduced, it is worthwhile investigating the cost and availability of insurers ahead of making the sale. Our advisors at Teito can help with this. 

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Get a specialist surveyor

For non-standard construction buildings, surveyor feedback can make a significant difference to the mortgage provider's decision and subsequent offer. For this reason, try to make sure you find a surveyor who is familiar with the type of construction and who can make informed comments back to the lender. 

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.