Defective Property, I Need Mortgage

jacks_dad_2

Can anyone tell me who will give me a mortgage on a defective property?
The proprty type is ORLIT, and is designated as defective under the housing defects act 1986.
We have tried many banks/building societies, but all have refused to give us a mortgage.
Any help or suggestions?
Many Thanks to all
Jacks dad

silvercar

From google I found:

http://www.enablefinance.com/orlit-construction-mortgages.aspx

say they can help

ctabuk

The Orlit is an 'in situ poured concrete' PRC - either flat roof or pitched. It is as you know designated defective under the 84 Housing Defects Act. It used high illumina cement and there were known acids in the foundations which led to the steel supports becoming corroded. The only Lenders are Blemain Finance & London & Scottish. Both charge higher interest rates than High Street Banks circa 9% with a 13% APR. The only known repair solution for the Orlit is to demolish and rebuild from the foundations - thus avoiding VAT.

We have worked with all the major Structural Engineers on PRC and were the instigators of N.T.H.A.S (Non Traditional Housing Appraisal Scheme) with Nationwide BS and the Abbey. We have handled over £600 millions in PRC refurbs. Search CTAB Mortgage Desk

jud1255

do you know of a mortgage company that will give a mortgage on a WATES PRC type building in its originall condition, situated in Barnsley, S Yorkshire.

Mr_helpful

You need a broker as there probably are some small specialised lenders who will lend on these propertys
Judi
I think the HBOS group will lend on them. Best thing to do is phone your local Colleys surveyors and ask them.

jud1255

Mr Helpfull can you give a liitle more info regarding the Colleys surveyors.
Eg what is Colleys
thanks jud
upto now i too have been informed of
enable Finance
APS Mortgages
and hopefully London Scottish but london scottish cannot advise me personally it has to be an agent to enquire about my Wates Prc, so any agents who would like to enquire for me feel free
thanks again jud

wardie

hi there all i have a defective house i think this 1 is a hawksley (prc) any ideas on lenders to these toocheers

jud1255

landmarkprc wrote: »

Getting a mortgage on these properties is hard going its also expensive. The only real solution is, if you buy the property you will also have a prc repair immediatly after purchase. We were quoted 8% on a property value of 85000 (it did have an adjacent plot of land to). When we worked out a complete repair outside and inside including side building (our costs came to 50k). Then the mortgage rate dropped to 5% and a house value that was still worth the work. For us the house was given to us. But in the case of buying the property from someone this would be really the best solution. You can also then sell the property in the future without the concern. (make sure it does have a 60 year structural guarantee this really does greatly increase the lenders available)

Any information regarding this in my research was from a company called landmarkprc.co.uk. I went through 14 companies in total of which very few are left and run right they will help with the right information. Check out the slideshows of the airey repair very interesting.

cheers m8 i actually own a wates type prc and the adjoining property has been re-bricked , i apparently bought mine a month too late after the grants were issued. So i would have had to pay the full price.
At the moment im still half half whether to sell but i still needed to know of mortgage companies that did give money on them.
Thanks