Non standard construction mortgage

sourcer

Does anyone have any advice on where to get a mortgage on a Norwegian log cabin (30% of value) - I am struggling and should have been exchanging this week

HelpWhereIcan

Should be possible with 30% deposit. Choices of lender are very limited and are on a case by case basis - the lender will hide behind 'subject to valuer's comments' which means that the surveyor will need to be satisfied about the construction and resaleability of the property.

Are you buying a 'one off' or is it on a holiday type park?

Is it as your main residence or second home or a holiday home/buy to let?

Will you buy the property complete or as a self build?

sourcer

Hi
It is on a large historic estate with golf course and gated access/security and is 9 years old. It has 11 month occupation restriction but I am buying it as my main home (there are about 80 with 50% being used as main homes). I have a 70% deposit. Any advice welcome

HelpWhereIcan

sourcer wrote:

Hi
It is on a large historic estate with golf course and gated access/security and is 9 years old. It has 11 month occupation restriction but I am buying it as my main home (there are about 80 with 50% being used as main homes). I have a 70% deposit. Any advice welcome

The main isue will be the occupation restriction rather than the timber construction.

Will need to have a word with a couple of 'mainstream' lenders to be sure, but think that the restriction may mean that you will need to use a holiday park finance company such as http://www.royscotlarch.co.uk/index.html and possibly Capital Bank Leisure

In my experience the occupancy restriction has spelled the end for the lenders who will look at log cabins because they then think of it as a park home, but have not come across one with 11/12 months - mot have been 9/12 so yours may be different and I would need to check to be sure.