Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • kyles278
    • By kyles278 18th May 17, 1:14 PM
    • 1Posts
    • 0Thanks
    kyles278
    non standard builds
    • #1
    • 18th May 17, 1:14 PM
    non standard builds 18th May 17 at 1:14 PM
    Hi. I'm hoping for some help to try to get my head around this. I'm interested in buying a property, it's a non standard build (apparently) as it is timber construction, with pvc cladding. it is a bungalow, but doesn't have a flat roof, only slightly steeped. My financial mortgage broker came to see me yesterday to go through all the paperwork for applying for a mortgage. I'm a first time buyer, but my partner isn't. I have 5 year old defaults, am employed, and 39. My partner is 60 and has bought houses before in previous relationship. We have 50% of price for deposit, which he is providing. My broker rang the estate agent today, and they informed him that as it is a "park home" type home, it can't be mortgaged. It's not a park home, it's on a private road in a residential housing estate, and doesn't even look like it's a "park home style" house. We have quite a lot of holiday parks nearby, and it definately isn't. I'm just baffled as to how the estate agent can dictate what can and can't be mortgaged. Any logic would be greatly appreciated. The house is on rightmove as follows: rightmove property-for-sale/property-58528756 Thankyou in advance for any advice or help
Page 1
    • aneary
    • By aneary 18th May 17, 1:29 PM
    • 486 Posts
    • 344 Thanks
    aneary
    • #2
    • 18th May 17, 1:29 PM
    • #2
    • 18th May 17, 1:29 PM
    To be fair it does say cash buyer on the ad and also mentions it being used as a plot to build on.
    • stator
    • By stator 18th May 17, 2:25 PM
    • 5,808 Posts
    • 3,812 Thanks
    stator
    • #3
    • 18th May 17, 2:25 PM
    • #3
    • 18th May 17, 2:25 PM
    The estate agent can't dictate what is mortgagable.
    The mortgage lender will hire a surveyor who will decide if the house is reasonable security.
    If you are upset at the behaviour of the estate agents, put in a letter of complaint.
    Changing the world, one sarcastic comment at a time.
    • Brock_and_Roll
    • By Brock_and_Roll 18th May 17, 2:34 PM
    • 756 Posts
    • 726 Thanks
    Brock_and_Roll
    • #4
    • 18th May 17, 2:34 PM
    • #4
    • 18th May 17, 2:34 PM
    Without wishing to sound rude, the property is clearly unmortgageable - as stated in the Rightmove ad.


    I have had a look at similar property ads nearby and there seems to be a fair bit of non-standard construction (concrete or timber frame) and all these adds say cash buyers only.


    I guess these properties sprung up post war and because of the relatively isolated / low value / seaside / holiday area, quite a few of them have yet to be replaced.




    Down my way some people pay £200k for a beach hut......but they wont get a mortgage for one!
    • davidmcn
    • By davidmcn 18th May 17, 2:37 PM
    • 5,785 Posts
    • 5,536 Thanks
    davidmcn
    • #5
    • 18th May 17, 2:37 PM
    • #5
    • 18th May 17, 2:37 PM
    I'm interested in buying a property, it's a non standard build (apparently) as it is timber construction, with pvc cladding. My broker rang the estate agent today, and they informed him that as it is a "park home" type home, it can't be mortgaged. It's not a park home, it's on a private road in a residential housing estate, and doesn't even look like it's a "park home style" house. We have quite a lot of holiday parks nearby, and it definately isn't. I'm just baffled as to how the estate agent can dictate what can and can't be mortgaged. Any logic would be greatly appreciated. The house is on rightmove as follows: rightmove property-for-sale/property-58528756
    Originally posted by kyles278
    So this:
    http://www.rightmove.co.uk/property-for-sale/property-58528756.html
    It's definitely timber. It won't be mortgageable. The estate agents are just being realistic, to avoid you wasting your time - they're not dictating anything. If you think you can get a mortgage for it, best of luck.
    • Brock_and_Roll
    • By Brock_and_Roll 18th May 17, 2:40 PM
    • 756 Posts
    • 726 Thanks
    Brock_and_Roll
    • #6
    • 18th May 17, 2:40 PM
    • #6
    • 18th May 17, 2:40 PM
    Without wishing to sound rude, the property is clearly unmortgageable - as stated in the Rightmove ad.


    I have had a look at similar property ads nearby and there seems to be a fair bit of non-standard construction (concrete or timber frame) and all these adds say cash buyers only.


    I guess these properties sprung up post war and because of the relatively isolated / low value / seaside / holiday area, quite a few of them have yet to be replaced.




    Down my way some people pay £200k for a beach hut......but they wont get a mortgage for one!
    Originally posted by Brock_and_Roll


    Oh and I notice that the seller:


    a) regards it as a holiday home
    b) is wanting 9.5% compound price growth for the last 20 years given their £20k purchase price!!!
    • *~Zephyr~*
    • By *~Zephyr~* 18th May 17, 2:41 PM
    • 576 Posts
    • 1,130 Thanks
    *~Zephyr~*
    • #7
    • 18th May 17, 2:41 PM
    • #7
    • 18th May 17, 2:41 PM
    Sorry, but yes, it IS a Park Home / Caravan. It just doesn't have wheels. That's not to say it couldn't be perfectly lovely as a holiday home. of course it can, but you can't call it a house and get a mortgage on it.

    What you might be able to do is get a mortgage on the plot of land. You'll probably need a specialist broker, but it could be a possibility.
    • Number75
    • By Number75 18th May 17, 4:00 PM
    • 174 Posts
    • 190 Thanks
    Number75
    • #8
    • 18th May 17, 4:00 PM
    • #8
    • 18th May 17, 4:00 PM
    How can you say it doesn't look like a park home? It absolutely does! It's lovely, but it's obviously a park type home.

    Even if you could get a mortgage on it, the listing nearly says cash buyer.

    The EA is not an expert mortgage broker - though most have more idea than the average person of course. But they do know if their client had instructed cash sale only.

    What has your broker said?
    • stator
    • By stator 18th May 17, 4:57 PM
    • 5,808 Posts
    • 3,812 Thanks
    stator
    • #9
    • 18th May 17, 4:57 PM
    • #9
    • 18th May 17, 4:57 PM
    A 'park home' means something different to what some people might understand.
    It means a situation where the land is owned by a private company or persons and they sell the homes on the land. But in order to sell on the house you need the permission of the park owner. You also have to pay maintenance fees towards the park. There have been a lot of reports of people being poorly treated by the park owners, not being allowed to sell etc, so that is why park homes are often unmortgagable.
    If this is house built on freehold land, then I wouldn't describe it as a 'park home' even though it's clearly a timber built 'chalet' style home that may not be suitable for year round living.
    Changing the world, one sarcastic comment at a time.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,749Posts Today

6,117Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin