Concrete build - refused a mortgage - why?

Love_bargains_2

I'm going to see a flat which I'm considering buying with my other half. I just spoke to the estate agent who said that there were two other buyers who were interested but they were both refused mortgages, and both times the reason given by the banks was that the building was a concrete build.

Why would this be a problem for the banks and should I be worried if I want to live in a concrete built property?

poppysarah

non standard construction.

Might fall down into a pile of dust.

barnaby-bear

Love_bargains wrote: »

I'm going to see a flat which I'm considering buying with my other half. I just spoke to the estate agent who said that there were two other buyers who were interested but they were both refused mortgages, and both times the reason given by the banks was that the building was a concrete build.

Why would this be a problem for the banks and should I be worried if I want to live in a concrete built property?

Bank lending money against the asset, often lots of expensive structural issues mean the asset may suddenly halve in value - banky no likey

clutton_2

certain types of concrete construction, such as Wimpey no-fines, are perfectly mortgageable, - but others, (which contain metal inner reinforcing) can rust and have caused concrete cancer and will not be mortgageabl.e

ask a local surveyor which type of construction they are - he is bound to know

greatsite_2

We own a Wimpey no-fines house and can confirm that we have never had a problem getting a mortage for it, I have moved to a few different banks over the years.

Geenie

You need to find out the age of the building, as concrete cancer, ie crumbling has been a problem with structures built in the 60's / 70's. We have had to have hospitals rebuilt here in Devon because of the problem.

That aside, I would not touch any property that was deemed a no goer by a financial institution, as it will cause further problems when you want to sell.