Prc Pre Cast Concrete Mortgage

jud1255

Does anyone know of anybody ,whom will give a mortgage on a WATES type PRC in Barnsley S, Yorkshire.
I wish to sell my "original condition prc" which has not been bricked but the one next door has
If you know of any, can you provide relevent details / links
thanks jud

PasturesNew

I googled and found these

http://www.prc-solutions.co.uk/what-prc.asp

Watch the APR and terms though. Know what you're in for in case there's something there you didn't expect

Also this one - but for comparison their rate is 8%
http://www.mortgages.tv/qualify/non-standard.php

And these
http://www.enablefinance.com/Propertytypes.aspx

And another
http://www.w3mortgages.co.uk/mortgages/non_standard_construction.aspx

SHould be enough to be getting on with

jud1255

cheers im off to have a look
will let you know how i get on.
Thanks jud

jud1255

ive had a good response from
Enable Finance
APS Mortgages (Mortgages tv)
And finally still awaiting a response from London Scottish Mortgages but these will / cannot respond to me directly
Prc never got back to me niether did W3.
Hopefully i will get some good news from London Scottish as i have passed there details onto an estate agent and they are investigating i hope.
If anybody knows of more i would be grateful
thanks

Richard_Webster

Would it be worthwhile as a buy to let?

If so then some people may be able to buy cash for investment purposes. I accept that cash buyers will force the price down, but if there are only one or two lenders out there then the payments to them will be pretty high - if someone can afford those payments then they will be able to afford a bigger mortgage on a better property with a more mainstream lender, so why buy yours?

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

jud1255

thanks 4 the reply.
I dont fully understand the buy to let, but i would prefer to sell as i am wanting to leave the country.
Also ive still not heard anything from an agent regards london scottish mortgages hopefully i may get a volunteer to investigate on my behalf

jud1255

richard what actually is a conveyancing solicitor, are you one that deals soley with properties

lynzpower

Yes, conveyancing is the legal side of property sales

I worked as an estate agent and the only companies ( back in march) that would do this, were HSBC. However, they have since tightened thier lending in this area ( or they did when I was there, someone should be able to provide up to date info) and would only offer 50% mortgages.

We had a whole estate of conctete build, and to be honest , we only advertised them as "suitable for investors" or "cash only" meaning that landlords could buy them for cash ( or released money from current properties) and thus rent them out.

MarkyMarkD

As you're the seller, jud, rather than a potential buyer, it's not exactly your problem to find the buyer a mortgage.

I think that the other posts make sense - if there's a decent rental market in your area, you are most likely to sell to a landlord for cash rather than to someone who needs a (probably way off the best rate) mortgage.

An ordinary buyer is going to be put off the fact that they will face the same re-sale problem themselves, unless they are in special circumstances like not intending to ever sell it for whatever reason.

muskoka

Another option is to get the defective PRC property repaired!! HALIFAX should lend you the money to do this!!! I had a PRC prperty & re-mortgaged with the Halifax borrowing the money to get the repair done, hence house became structurally standard & I sold!! Beware though - some staff at Halifax deny mortgages on these propertys - BUT they do lend on these PRC defective properties. Good luck

Richard_Webster

MarkyMarkD wrote: »

As you're the seller, jud, rather than a potential buyer, it's not exactly your problem to find the buyer a mortgage.

I think that the other posts make sense - if there's a decent rental market in your area, you are most likely to sell to a landlord for cash rather than to someone who needs a (probably way off the best rate) mortgage.

An ordinary buyer is going to be put off the fact that they will face the same re-sale problem themselves, unless they are in special circumstances like not intending to ever sell it for whatever reason.

Lynzpower has told you what I do!

That's the point really. Generally a tenant isn't worried whether the house is concrete or brick so he will pay the same rent as a traditional house but the BTL investor manages to buy it cheaper and so makes more profit from the letting than he would do with a traditional house- so they should be attractive to BTL investors as long as there is a market for letting in the area.

You can try to find your possible buyers a mortgage, but as I said you could be waiting a few weeks while they submit their application, and then find out how high the payments will be. So why bother if you can sell it to a cash investor.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients