Help Please - After mortgage for Non standard Build

doingwhatican

I hope someone can help. I am trying to get a mortgage for a Non standard build house. I went through the rigmarole of the TMB ( the Mortgage business ), they initially said yes, then when they went to carry out their survey the came back and said no because it was a non standard build. The person who currently owns the house has a mortgage with London & Scottish, so I rang them, but they do not deal directly with the public. So can anyone please let me know where I can get a mortgage for a Non standard Build. The build type is a Jesperson 12M system.
Any help would be appreciated.

doingwhatican

Just to add, it is a precast concrete with steel reinforcement building, terraced house.

silvercar

I searched around on the net. Even lenders who will look at non-standard builds won't take Jesperson builds, there has even been discussion in parliament about MOD properties built this way that subsequently had collapsing balconies (not in Gosport are you?)

Maybe ther is a broker who can contact L &S, but I would have thought TMC could have looked at that for you. Maybe suggest that to TMP.

I would be nervous of buying this. Thinking of the problems you have had finding a mortgage, you are severely limiting your potential buyers. If the property is cheap there is usually a reason why. I am surprised the estate agent didn't market the property for cash buyers only.

MoneyNumbersPeople

Hi doingwhatitcan,

The Jesperson 12M type housing does sometimes cause problems for lenders due to the type of construction being seen as a greater risk than traditional build. In Gosport these houses were popular with the MOD.

All was well until one day in September 1991, when, quite unexpectedly, a balcony on one of the blocks of flats in Sephton close collapsed. The inspection that took place immediately after the collapse rapidly revealed defects in the Sephton close blocks and in other flats in the development.

This problem I believe has now been solved but reputations in this business account for a lot!

toonfish

london & scottish are your best bet, but you will be looking at very high rates and have difficulty when you try to sell. I wouldn't touch it with a bargepole.

MoneyNumbersPeople

Edited reply to conform to rules.

Didn't want to upset people with my first post! Can we put it down to "newbie" enthusiasm. :beer:

Keep looking as you can get mortgages on this type of property if you want. BUT, you may have a h*ll of a job to sell at a later date!

doingwhatican

Thanks for all your input and just to update you, Bradford and Bingley are prepaired to offer me a mortgage against this property. Result.

silvercar

well done!

How did you find out?

Conrad

doingwhatican wrote: »

Thanks for all your input and just to update you, Bradford and Bingley are prepaired to offer me a mortgage against this property. Result.

Beware. UCB said exactly this but then the valuer deemed the property to be insufficient mortgage security as a result primarily of ongoing potential corrosion of the metal frame.

Consider that all lenders may cease to lend on these in the future in which case the value will drastically fall.

doingwhatican

A friend of mine told me that he had got a mortgage on a non standard build from Bradfoad and Bingley, so i gave them a call and after stressing the type of building they came back to me and said yes.

Conrad, yes I understand the implications of purchasing this property, but I am happy to do this.
Suprisingly, these houses are quite saught after and snapped up by cash buyers, but because of this they are slightly cheaper than the Bricks and mortar houses that surround them.

MoneyNumbersPeople

You may find that B&B will say yes over the phone but be prepared for a demand for a structural survey which will be a bit more than a regular valuation type survey.

That being said as long as the property is a house or a bungalow and not more than two storeys high then mainstream lenders will consider them.