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    • Sa Griff
    • By Sa Griff 30th Sep 17, 10:14 AM
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    Sa Griff
    Equity release for timber frame house
    • #1
    • 30th Sep 17, 10:14 AM
    Equity release for timber frame house 30th Sep 17 at 10:14 AM
    My Dad has lived in his house for 44 years. It was originally a timber frame construction but has been extended and only one third of the house is timber framed. His mortgage ends next February, as he is 73 at which point the remainder owing must be paid. The original lender has handed his account to Ascenden to manage, which makes extending the mortgage impossible. He has applied for equity release through Age Partnership. They sent a valuer and the survey results highlighted the timber frame. Despite this, the house was valued at 3 times what my Dad was hoping to release. However, he has been advised that no-one will lend to him as the house is timber framed. This is heartbreaking but I wondered if there was any advice regarding 2 things...
    1. Does anyone know of equity release lenders who deal with non-standard construction?
    2. Does underpinning a timber framed house change the construction type? ie. If my Dad got the house underpinned, would it still be classed as timber framed?
    3. Has anyone successfully converted a Platform Loans mortgage to a lifetime mortgage?

    My Dad is struggling to cope with the idea of selling his home, he still works and his credit score is 999, it seems crazy that his options are so few! Thank you in advance for any responses.
Page 1
    • Baldieman
    • By Baldieman 2nd Oct 17, 9:55 AM
    • 1 Posts
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    Baldieman
    • #2
    • 2nd Oct 17, 9:55 AM
    • #2
    • 2nd Oct 17, 9:55 AM
    Hi,
    Equity Release lenders are a bit fussier than standard mortgage lenders when it comes to property types and alike and it is frustrating for brokers when trying to place cases like yours. Where a property has a timber frame (granted it's about 33%) it depends when it was built, generally before 1960 you will have an issue unless it is historic i.e. been stood for a couple of hundred years. My question would be have they tried more than one lender or given up after one try? Some are more flexible than others depending on where the property is, the local market, how much it is worth etc.
    Hope this helps a bit.
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