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Can I get a mortgage for a timber-framed house?
Timber-frame house construction has grown in popularity over recent years, as they are quick and relatively inexpensive to construct. Most of these properties are covered in a layer of brick, meaning it is not apparent that they have a timber frame construction.
Classed as 'non-standard' construction, timber-framed buildings can present a problem to some lenders.
The quality of these homes can vary significantly, although most modern examples are of high quality and most of the issues are seen in older properties.
While it can be more difficult, some lenders will consider timber-framed houses.
At Teito, we are a whole-of-market mortgage broker with access to specialist lenders and deals not available on the open market. Our experienced team of advisors have helped many people to secure a mortgage on non-standard properties, including timber-framed homes.
Complete our simple online form to get the process started today, or carry on reading to learn more.
What will a lender look for in a timber-framed house?
Several factors will influence the lender's decision and their mortgage offer.
Mortgage lenders will be concerned with the overall integrity of the structure before making their decision. There are many types of timber-framed or wooden house constructions, varying in quality.
Some of the older properties are actually in better condition than newly constructed homes. Although you might get away with a simple survey on a standard-built home, for a timber-framed house, you are more likely to require a full structural survey to satisfy the lender.
The outer material used on the exterior of the building will also have relevance, so make sure to pay attention to this when you are house-hunting. Harder materials such as brick or stone are preferable.
Can I get a mortgage for a timber-framed extension?
Building a timber-framed addition can be a quick and relatively inexpensive way to extend your home.
In theory, this is possible; however you may need to go through a specialist lender. Depending upon the size and any local conservation restrictions, you may be able to construct the extension under permitted development.
Read up on your local planning laws to find out if you will need full planning permission or not.
Can I get a mortgage for a property with timber cladding?
Lenders are typically cautious about timber-clad homes as it requires regular maintenance, and it if not maintained, can negatively impact the condition and house value.
If the property doesn't have brickwork underneath the cladding, this could also ring alarm bells for lenders.
Some lenders will only consider properties with wooden cladding on the ground floor where it is more accessible for maintenance.
Can I get a self-build mortgage for a timber-framed home?
It may be possible using a specialist lender to finance a timber-built home with a self-build mortgage.
Self-build mortgage funds are released in stages to align with the build process itself. We would recommend that you contact one of our experienced advisors to learn more about the process or read our guide to self-build mortgages.
What about mortgages for log cabins?
Via a specialist lender, you may be able to finance a log cabin with a standard mortgage or a self-build mortgage.
You will find that the rates are higher than for standard properties, and we would advise that you contact one of our brokers for an obligation-free chat if you are considering this option.
Can you get a buy-to-let mortgage on timber-framed houses?
The answer is yes, assuming you pass the affordability and eligibility criteria.
With buy-to-let mortgages, the property must be seen as a viable investment by the lender. For more information, please read our guide to buy-to-let mortgages or contact one of our advisors.
How can I learn more?
To learn more, complete our simple online form, and one of our advisors will be in touch.
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Last updated 4 March 2024