This means that if there are mortgage products in the market that suit your circumstances, our help can increase your chances of getting one and make sure it is the most favourable deal available to you. Non-standard mortgages are a niche lending market and eligibility is particularly important. I’ve recently being trying to remortgage on a BTL and really struggling to find a lender. At least one person named on the loan must currently own a property in the UK. Generally speaking, non-standard properties are considered higher risk, which makes them more difficult to finance. BISF is a common non-standard construction property type and we have spoken to people who have needed our help in finding a mortgage for them in the past. For example, let’s say you want to get a mortgage with a debt management plan against your name. As far as they’re concerned, everything else is ‘non-standard’. For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. 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 expertise of a mortgage broker could be priceless. For these lenders, anything that deviates from this is ‘non-standard’. Tunbridge Wells / Haywards Heath / Brighton. The best way to kick off your mortgage application is by seeking advice from a whole-of-market broker, like the ones we work with. If you also have bad credit, this can add another complication to a non-standard property mortgage, given that there will be fewer providers to choose from. The more deposit you’re able to put down, the better. We passionately believe that our 5-star mortgage broker services will prove highly beneficial for you if you are in a complicated situation, we have and always put our new or … It typically uses a clay mix, in which crushed flint or sand is added to give strength and volume. So if you’ve had previous problems, or live in a non-standard property, you could still qualify for a Right-to-Buy mortgage. 40% deposit. It describes any building that is not built from bricks and mortar – think things like rural cottages made from clay or penthouses in a high rise made of steel and concrete. It isn’t particularly helpful to think in terms of which lenders are ‘best’. It has been recognised recently as a green building technique, which has led to something of a resurgence. Timber Framed: Some high-street mortgage and insurance providers view timber-framed homes as non-standard. Our mortgage was also with Natwest, seems like it could be the way to go! Our experience with lenders lets us know which of them have financed properties like the one you’re looking at in the past. Think Plutus® is a registered trademark. The problems with concrete homes become more apparent over time, therefore, you will need to source specialist modern materials home insurance when you own such a ho… *Based on our research, the content contained in this article is accurate as of most recent time of writing. For example, thatched roofs need to be completely replaced every 30 years or so. Searching For Reverse Mortgage Funding Mortgagee Clause Bdo Calculator Home Loan Non Standard Construction Mortgage Halifax New Executive Mortgage No Closing Cost Mortgage Natwest Offset Mortgage Rates Note Vs Mortgage New Day Home Loans Nationwide Credit Score Mortgage Nations Mortgage Anderson Sc Northeast Home Loan . The most common non-standard building material is concrete, these concrete houses or flats were popular during the 1960`s and 1970`s so there is still a great number and variety of concrete built homes available on the UK housing market. Non-standard construction mortgages aren’t too dissimilar, from a practical point of view, then mortgages for houses of a regular construction. As a general rule, there are no lenders that are ‘best’. As such, lenders tend to offer them at more onerous terms – lower LTVs, higher interest rates and stricter affordability requirements are not uncommon. An APRC is calculated using a standard method so it provides an effective way for you to compare quotes from different lenders. The lender is likely to want more detailed information than they would get from a normal survey. If the property you have your eye on is unusual in its construction, or you think it might be, we strongly urge you to speak to a mortgage adviser early on. It’s a form of earth construction that involves clay-rich materials. The brokers we work with can find it for you, and at the most competitive rate possible. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. As with all non-traditional properties, mortgages are available but only from certain providers. Non Standard Construction Mortgage In the UK there is a huge variation of property types available, some being hundreds of years old while others were finished yesterday. If the property you are looking to purchase / re-mortgage fits outside of this criteria then we have access to specialist lenders who will consider in excess of 100 ‘non-standard construction’ or ‘non traditional’ properties such as Wimpey No Fines, Wates, Woolaway and Reema. Insurers tend to treat non-standard construction in a similar fashion to lenders. In a much smaller lending market, eligibility is particularly important, and lending criteria can change over time. When lenders are less confident in their understanding of a property, many of them will rely more on the comments of the valuer than they would on their usually defined criteria. It’s seen something of a resurgence lately as a green building technique. Non-standard construction mortgages aren’t too dissimilar to standard mortgages. For insurance business we arrange policies from a panel representative of the whole of the market. In this piece, we’re going to cover non-standard construction mortgages -how they work, the different kinds, and how to get one. Non-standard construction lenders who do cover Scotland often have postcode restrictions, so securing a mortgage on an unconventional property in, say, the Highlands or off the mainland may be particularly difficult. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. Why is getting a non-standard construction mortgage more difficult? It’s possible to modify certain property types to move them within the boundaries of a ‘standard’ construction, or at least reduce the structural risk. 3894404. With certain types of steel-framed house, it is not uncommon to have the frame reinforced to make the construction safer. Think carefully before securing other debts against your home. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. Online Mortgage Advisor, Bezant House, Bradgate Park View, Chellaston, Derby, United Kingdom, DE73 5UH, Think carefully before securing other debts against your home. If you have questions about non-traditional construction mortgages and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry. This is often done as part of a certified repair scheme and, depending on the property, can be very expensive. More to the point, it is a common belief that prefab property is not durable or strong due to steel frame problems. For non-standard construction mortgage advice you can trust, Think Plutus. This is because lenders often restrict: The nature of property . You may have to look further. Non Standard Construction Mortgage When trying to get a mortgage for non standard construction, it can prove to be problematic. The main difference is the perceived level of risk, so with non-standard constructions being seen as more high-risk, you can expect more onerous terms, including: The following building materials are considered ‘non-standard’ or ‘non-traditional’ for property construction: Clay lump houses are most commonly associated with Norfolk, where the material was very popular in the 19th and 19th centuries. If they are offering a mortgage over a period of many years then they want to know that the property will remain standing for at least the same amount of time. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. You may not get the competitive premiums that you’d get on a standard property. For example, if the building is listed – they’ll probably want to see a specialised Listed Building Survey. Location, for example sometimes being near a factory, river or … There are many clay lump buildings that have fallen foul of improper maintenance, meaning many of those that are still standing have been patched together with modern materials like bricks and cement. Houses build from the following materials are also considered ‘non-standard’ or ‘non-traditional’…. Find out more: improving your mortgage chances; 3) Properties made of concrete. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. In niche lending territory like this, a specialist mortgage broker for bad credit and non-standard construction is essential to ensure that you end up with the most favourable rates available. Non-standard construction mortgages work in a similar way to a normal mortgage, except the lenders might see these types of properties as an increased risk, due to the fact they see them as difficult to sell, which makes them a less stable investment than a normal property. Build type. I’ve had 2 mortgages on it in 24 years - Halifax and Birmingham Midshires, the latter being 12 years ago. Customers in the market for non-standard construction mortgages should also be mindful of the following…. (don't know how true that was Lenders always have an eye on the resale market, because if the buyer defaults on their mortgage repayments the lender will look to resell the property to get their money back. They help people to arrange mortgages on non-standard construction houses and can quickly help you determine how realistic your odds of getting funding for the deal are. Though ‘K Lath’ is a proprietary product, the term is now used to describe a range of reinforced lath construction techniques. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the property’s overall value. By categorising construction types as ‘standard’ and ‘non-standard’, lenders can mitigate risk. Providers may have differing ideas of what a non-standard construction is, with some being happy to include stone, slate or flint construction as standard while others will not. Our knowledge and experience of the differences in lender criteria could be the difference between getting a great mortgage and being swiftly declined. Lenders are always looking at the resale market, in the instance that a buyer defaults on their repayments and the bank is forced to resell the property. Anyone with any experience of non standard construction mortgages? Read more on mortgage deposits here. Our typical fee is £495 depending on your circumstances. It may be necessary to apply for a non-standard construction mortgage if you hope to buy a property that is built out of anything other than bricks and mortar. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can be concrete, prefabricated, Steel frame houses regardless of whether they have been repaired or not. Certain types of property can be modified by either moving them into the ‘standard’ category or significantly reducing the amount of structural risk associated with them. Yes, there are specialist lenders who offer non-standard construction mortgages. To a lesser extent they’re also worried about a lack of maintenance leading to depreciation in price. There are currently around one and a half million concrete prefabricated homes in the UK, most of which were erected during the post war period as a stop-gap measure to provide affordable housing to those who lost homes to the Blitz. How do I get a non-standard construction mortgage? As a result of having such a diverse range of homes available, there are lots of different types of construction and each of these has implications for mortgage lenders. If the initial survey reveals that the building might contain asbestos, or have an unusual frame, they’ll want to see a more detailed structural survey. If you are considering a non-standard construction mortgage, you should keep the following in mind: Many types of non-standard construction require special maintenance or treatments that can be expensive. Lending terms vary depending on construction types and if a repair scheme, where appropriate, has been used. Other lenders consider their criteria to be more of a guide than a set of requirements, and will pay more attention to the survey and valuation. Think Plutus can help you find the right insurer for various property types so don’t be afraid to ask. Nationwide doesn’t lend on anything above 5 stories unless it is located in London. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. Copyright © 2020 Think Plutus, Mortgage Broker London ‘Non-standard’ construction is a significant category in the property market. As such, if there’s a mortgage out there for you. At the end of the day, understanding these differences in lender criteria is the difference between getting the mortgage or not. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! Some high street lenders might even turn you away because of this, but throw non-standard construction into the mix, and your choice of approachable mortgage providers is suddenly much slimmer. Often, this is done as a component of a certified repair scheme, which can be very expensive to have done. Thatched roofs, for example, must be replaced entirely approximately every 30 years. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. With less demand for non-standard construction properties, lenders worry that they will struggle to recoup their losses if forced to repossess the property. Types of non standard construction property that you may encounter difficulty getting a standard mortgage for could include any of the following: Prefabricated houses; Flats that are in unusual locations, such as flats above commercial premises or in a tower block with more than 4 or 5 storeys; Timber framed houses or wooden houses; Thatched cottages This is why it’s essential to have a survey carried out before applying for a non-standard construction mortgage, and maintenance may be a key component of any mortgage deal you get. This type of loan is available to anyone who owns their property. The non-standard construction lenders which do operate north of the border tend to have postcode restrictions in place, so it may prove difficult to secure a mortgage on an unconventional property in the Highlands or away from the mainland, for example. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. ‘K Lath’ is a kind of reinforced mesh, used to reinforce cladding and stucco walls. Obtaining a mortgage. Having said that, there are specialist insurers who are more familiar with non-standard property types and may offer a good deal. Many properties have been built using a variety of other construction methods. Furthermore, the brokers can arrange non-standard construction mortgages with the following lenders…. If the place that you’re looking at is of unusual construction (or you have a strong suspicion that it is), it’s worth speaking to a mortgage advisor early into the process. Your Mortgage Illustration will detail the fees which are included in this calculation. Then again, there are specialist insurers out there who better understand the specific type of property better and who can offer you a better deal. The main difference, really, is that mortgages on non-standard construction are seen as a higher risk. As a whole of market broker, Think Plutus has access to lenders that simply aren’t available to the general public. All the advisors we work with are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. Most lenders will only lend on standard brick and tile or stone and slate construction properties. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. Other lenders treat their criteria more like guidelines and care more about the valuation and survey of the property. Like we mentioned earlier, it really depends on the profile of the applicant, and the property in question. Mortgage Solutions has access to companies who will lend on Non - Standard Construction properties,these can … If you still have questions about non-standard construction mortgages, the experts at Think Plutus can give you the right advice. As the demand for non-standard housing is much more limited than a standard property, lenders will find it harder to recoup their … The most common types of construction in the UK include: Timber Frame Extremely popular with Self Builders due to its energy efficiency and the fact that it is a relatively quick method of construction No problems with buildings insurance either. Sadly, many clay lump buildings haven’t been very well maintained, and the ones that are still standing are often patched together with more modern parts, such as cement and brick. If you want to start the process, we’ll arrange a consultation and get the ball rolling on finding you the right lender for your circumstances. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. This is common, for example, with certain types of steel framed house, which can be reinforced, thus making them safer. In the world of many mortgage lenders, a ‘standard’ property is built from brick, has a roof that is tiled and concrete foundations. Insurers tend to take a similar approach to non-standard properties as lenders do. It may be necessary to seek out a specialist lender. Some lenders have not issued mortgages to people if they own a BISF home, or want to buy one. It’s also very likely that the lender will want more information than they’d get in a normal survey. Income & affordability: Most non-standard construction mortgage providers cap their lending at x4 your salary, others x5 and a minority x6. The most competitive premiums that you’d see on a standard property may not be accessible. But, as you can imagine, non-standard properties are not equally reliable, and every lender tends to have its own criteria, favouring certain non-standard properties over others. Mortgages for Properties With a Flat Roof. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. It really depends on your circumstances and the nature of the property in question. Listed buildings aside, many types of non-standard construction require more maintenance or specialised treatment that can cost more. Contact us today by phone or by filling out the contact form and we’ll answer your questions. What mortgage term would you like? For many mortgage lenders, a ‘standard’ property construction involves brick walls, concrete foundations and a tiled roof. It’s a form of earth construction, using clay-rich materials. All Rights reserved. As such, K Lath is a proprietary product, but the term is now often used to describe various reinforced lath constructions. Privacy Policy / Cookie Policy Seeing as there is less demand, lenders are worried that they’ll not be able to recoup their losses if forced to resell the property. Think Plutus can help you obtain non-standard construction mortgages with the following lenders, subject to eligibility: There are various lenders who will provide a mortgage on non-standard properties, but there will be strict criteria that differs from one lender to the next. The majority of high rise concrete homes you see today were constructed in the sixties and seventies, and providers won’t usually grant a loan for homes made of non-standard materials like concrete. Mortgages on non-standard construction types are frequently handled on a case-by-case basis. Halifax tends to be more cautious in their approach, excluding certain kinds of pre-cast reinforced concrete, as well as properties that have had their frame cavities filled. Registered in England No. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number 697688. While some of these styles are accepted by mortgage lenders, some may cause issues for buyers when it comes to taking out a mortgage.. Certain types of homes are more likely to be classed as 'of unusual construction' - many council houses in the 1950s and '60s were prefabricated or built with concrete.. Practically speaking, non-standard construction mortgages are not dissimilar to mortgages for houses with a standard construction. Get in touch and one of the expert advisors we work with can help you find a lender more sympathetic to your circumstances. 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