Who will lend on a concrete framed construction?

aberedin

Hi,

I am looking for some help. I have found a property in Glasgow that I would like to buy. The problem is the property is non traditional concrete build. The Home Report advises the property is suitable for mortgage purposes and a number of flats have sold in the block in the last 3 years. The current owner has a mortgage with Bank of Scotland. Can anyone advise which lenders would consider giving a mortgage on this property?

Thanks in advance.

H

kingstreet

What is the name of the construction method used?

There are dozens, some mortgageable in original state, some mortgageable as long as an approved repair scheme has been used and some unmortgageable.

You''ll find a name such as Dorran, Airey, Cornish etc and the sub-scheme. This will determine the view on it.

amnblog

The problem here is what happens when you want to sell on?

Concrete properties are difficult to mortgage and that makes them difficult to sell.

Avoid this type of property.

Let_Us_See

The obvious answer is to approach Bank of Scotland.

However, depending on the construction method there be other lenders willing to consider. We just need additional information.

nikki2804

When we looked at purchasing a concrete built pre fab a few years ago it was only Bank of Scotland that would lend on it and they wanted a minimum of a 40% deposit.

After a bit of research into these houses we decided it was a no go in terms of resale. Think that house is still for sale which says it all really.