Mortgages on non-standard builds?

spirit

Hi,

does anyone know what lenders (generally speaking) views are on lending on timber construction houses please?

RenStar

Hello, we're looking at buying a timber frame house too, we're with the Nationwide and it's not been a problem- see here for more details http://www.nationwide-intermediary.co.uk/content/lendingcriteria/property_and_construction/construction_types.aspx

I don't know about other lenders though.

R

wodgerdodger

From my experience quite a few mainsteam Lenders will not lend on modern timber frame properties unless they have an outer brick skin. There will be exceptions but the best thing is to make them aware upfront when applying. often they will have laid down rules and they can let you know straight away alternatively they can refer it to their staff valuers (if they still exist!)
Whatever you do make sure they are aware before they instruct the valuer otherwise they may well spend your valuation fee on a worthless excercise.
It may be your mortgage broker can tell you which will and which won't.

If you are buying a new build or a development still in construction ask the sales office which Lenders have been used by purchasers, they will know as the valuers normally cpntact via the sales offices.

spirit

Thank you RenStar and wodgerdodger :beer:

I am currently with the Nationwide and as i'm sitting on the svr rather than a mortgage product, I shall be porting my mortgage over to whichever property.

The link was very interesting RenStar, it's funny (as in odd) how they class a timber frame as standard construction but not steel frame which is much stronger. I say that because my current house in Steel and has been up since the late 1940s. A few of them in this road have been bought and sold over recent years (including mine) and all the structural engineers reports have said that they are as good as the day they were put up with not a sign of rust.

However, I digress. I'm looking at a timber frame house to buy and am just doing homework before I put any offer forward.

Edit to add, my current house looks traditional from the outside, brick skin, breeze block internal walls, tiled roof. the house I'm looking at also has brick skin and tiled roof. I'd prefer a property with brick cavity walls so that a) I can have cavity wall insulation and b) hanging things like curtain rails is something a simple diy-er can do!