FTB Mortgage on Timber framed property

josef5150

Hi All,

Ive found myself in the tedious situation of living in a rented flat that the owner wants to sell, I am looking at buying it but am having difficulties getting a mortgage on the property.

First off, I have no credit history as Ive always steered clear of debt, this is also compounded by not being on the electrol register, and finally the propery is timber framed dating to circa 1900 ( although having been refited circa 2008)

havig been through a few mortgage companys now due to the issues above, although I can get a mortgage, I havent managed tofind a lender that will lend on a timber frame, and will lend based on the lack of credit history...

can any anyone suggest any lenders? so far I have looked at Nationwide, Halifax, Barclays/Woolwich,Saffron Walden, Santandar.

~Beanie~

I would speak to a broker, rather than trying individual lenders.

pledgeX

We too have a timber framed property but it was built in 1969. It has a brick outer skin, it's not like a log cabin! When we first bought the property we went through Nationwide who kicked up a bit of a fuss as they don't lend on timber frame property if it was built before 1970. In the end our mortgage broker managed to push this through for us.

Our fixed deal is coming up to an end and we quizzed our broker if he was aware of any other lenders that will have a problem with our property and he said no, so the fact that you've been turned down a few times is a bit worrying.

We're looking to go with First Direct this time round and phoned them to ask about this. They said they consider timber frame house of 'non-standard construction' and that whether they lend or not will be based on the valuation and if necessary an inspection.

The thing I don't understand is that timber frame construction is still used as a technique when building new homes so I find it odd that lenders aren't lending on it. Not all lenders can have this rule or there'd be no one to buy the property in the first place!

Perhaps you're having problems because it's such an old build and, like Nationwide, lenders are only willing to lend on properties up to X years old?

pledgeX

Just to update on my previous post..

Our mortgage went through with First Direct today. On the application we put that it was non-standard construction but they didn't even ask any further questions. Pretty sure no one even came out to look at it. We're at ~50% LTV though so I imagine if we had a higher % they might be a bit more picky.