Strange construction type

seikothrill

Found a reasonable priced terraced property with a great yield of 8-8.5% yield in Glasgow.

I've received Homebuyers Pack and in additional comments it states construction type is

Blackburn Permanent III.

I can find detail about Blackburn Permanent II which states concrete prefab but I can only find limited info regarding III. It would appear III is brick shelled but the roof is metal.

I've never heard of a metal roof or Blackburn Permanent.

Any ideas if property would be suitable for a BTL mortgage?

stebiz

Are you sure it's a house or is it a garage? :rotfl: Seriously I wouldn't touch it with a barge poll and neither would most lenders.

kingstreet

This is from a (admittedly 8 year old) guide to non-standard construction mortgage/property;-

Blackburn Mark III Permanent House - 2 Cavity Wall A

A - Acceptable for normal terms - eg, some post-1960
timber and steel frame houses, some in-situ concrete
and concrete block systems.

2 - 1940 - 1959 construction period.

If this is for a BTL mortgage, there's no way of knowing if the property will be deemed suitable security. Check with lender/surveyor.

seikothrill

I am taking the time to go up to Glasgow next week and will take time to visit the Cul-de-Sac and may even knock round neighbours of property to see who they got funding from

bigadaj

seikothrill wrote: »

I am taking the time to go up to Glasgow next week and will take time to visit the Cul-de-Sac and may even knock round neighbours of property to see who they got funding from

Where is it exactly?

kingstreet

seikothrill wrote: »

I am taking the time to go up to Glasgow next week and will take time to visit the Cul-de-Sac and may even knock round neighbours of property to see who they got funding from

It's worth a try, although in recent years the appetite for lending on non-standard construction has dried up a bit and there may only be a small pool of potential lenders open to you.

seikothrill

bigadaj wrote: »

Where is it exactly?

It's in Clydebank

seikothrill

kingstreet wrote: »

It's worth a try, although in recent years the appetite for lending on non-standard construction has dried up a bit and there may only be a small pool of potential lenders open to you.

I have enlisted the help of a broker in Scotland.

Thanks to all who have responded

bigadaj

You need to do local research, knowing a region is critical to confirm your target market, yield, capital growth, etc

Where has the quoted yield figure come from, my misses works in govan and she says Clydebank is a bitrough!

seikothrill

bigadaj wrote: »

Where has the quoted yield figure come from, my misses works in govan and she says Clydebank is a bitrough!

I am visiting next week and have taken note of your comments

For an update the broker has had a 50/50 split on lenders prepared to lend on property. Bizarrely 2 of the Scottish lenders (Clydesdale and Scottish BS ) will not lend on such construction type.

Thankfully the major lenders in BTL market are happy with construction type.

It will now be down to my own personal inspection next week

amnblog

Please remember - it's not just the lending now, its the potential repairs later and the getting sold later you need to consider.

hence the price