Part timber-framed old house - mortgageable?

schmink

Hi guys, I'm a newbie who is in in the process of buying an old house (1885) and need some advice. We have been granted a mortgage with Nationwide but the surveyors report states that the back wall of the first floor is timber framed with slate cladding. He also says that this is outside of the lending policy of some lending institutions but he understands it is ok for Nationwide. Have any of you bought the same kind of structure and were you also lent the full value or has anyone not been able to buy such a property because a lenders policy wont allow it. We're just afraid we'll buy a house, do it up and then when we come to sell it buyers wont be able to get a mortgage!! Any help or guidance would be greatly recieved!!! :rolleyes:

hethmar

It is unusual for a house of that late date to have timber framing. If Nationwide are happy to lend on it, then I dare say several others would be. It does sound unusual, if you have paid for a full survey, then ring your surveyor and ask his opinion and also which societies would not lend on it. If you are really concerned, then back out now.

PropertyPro

I've dealt with the purchase of quite a few timber framed houses and the finance hasn't proved to be a problem with the lenders involved.

I agree with Hethmar in regard to checking with the surveyor on who will not lend. If you do purchase and eventually resell, ensure your agent knows about the timber frame in order to inform any buyer. They can in turn ask their broker or lender to come up with a suitable mortgage product and avoid problems further down the line.

neverdespairgirl

I can't give advice about the details, but it's definitely possible. My parents have had mortgages over hte last 20 years for timber-framed houses built in 1490 and 1320 respectively

pawpurrs

Yes they are mortgagable, I have had several timber framed properties, as well as my current house and I have a nationwide mortgage, but its important to tell the mortgage company before you submit the application not all lenders will lend on timber frame.
Some that will are Nationwide, Abbey, C and G, Lloylds tsb.
There are allways people who want to buy old character houses, and those willing to accept that they will be forced to certain lenders, and insurance companies.

fed_up_and_broke

Hi there!
We have an old cottage and the survey stated was originally part timber framed. The only mortgage company who would give us a mortgage were Swiftgroup. We pay a whopping 11.5% interest, so our £74,000 mortgage is costing us £753 a month and we are drowning fast. Any help or ideas please, we were told at the time (3 years ago) only company that would do it!!!!

neverdespairgirl

I asked my parents this weekend, and their mortgage is with Cheltenham & Glos. This is an early 14th century timber-frame house

martindow

I think it is highly unlikely that an 1885 house is timber framed. From the OP's description it sounds like a later first floor extension. I imagine that the main part of the house is of conventional construction.

harryhound

The 1880's were the original "great depression" in rural areas.[As feared in the Corn Laws, at last steam ships could bring cheap food from huge ranches in N & S America to feed the urban toiling masses] A great many sub standard dwellings were built.. Individual areas had their own bylaws, but these were poorly enforced out in the countryside. Perhaps the OP can post details of the construction of their house and give us a location, preferably a post code?

Harry.

I can't give advice about the details, but it's definitely possible. My parents have had mortgages over hte last 20 years for timber-framed houses built in 1490 and 1320 respectively

There is a world of difference between oak and "deal". Only the aristocratic best are still available after 700 years. The peasant cottages and hovels, which formed the mass of building in the countryside, went along ago.

pawpurrs

Excussssssssssssssssse me Timber framed is not sub standard construction :rolleyes:

The are many fine examples of beautiful Timber Framed Hall houses.

neverdespairgirl

harryhound wrote: »

There is a world of difference between oak and "deal". Only the aristocratic best are still available after 700 years. The peasant cottages and hovels, which formed the mass of building in the countryside, went along ago.

My parents' house wasn't an aristocrat's house. Their previous one (1490) was a weaver's cottage, and their current one was a hall house.