Is non-standard construction REALLY a problem?

Notnow

After viewing flats for over 2 weeks I cannot find a single one anywhere, on any budget, that is of "standard construction".

I've read that they're really hard to mortgage which is rubbish. My broker advised that I will easily get a mortgage on any of them as non-standard construction is now standard. The best way he could describe is was that there are so many non-standard constructions that they have now become standard and pretty much 80% or more of homes are non-standard.

Another thing I read is that you can't get insurance on them. Rubbish, firstly they're all leasehold and the insurance is covered in the service charge anyway. I don't even need to go getting quotes for that reason but I did anyway and I have had quotes on the flats I'm looking at for not a penny more than a standard construction and haven't found anywhere that wouldn't insure them.

I was amazed to find that I already live in a non-standard construction and have for years without even knowing it!

Is it REALLY a problem to buy a non-standard home? To me it just seems like something people panic over for no reason.

Senior_Paper_Monitor

'Non standard' covers dozens of definitions, which dozens of lenders treat differently.

Quote engines are fairly dumb - so little point in quoting them.

There may be a need (yours) for contents insurance.

Let your broker deal with this - that is what he's being paid for (and should have done all this many times)

Notnow

I was thinking about this overnight and now that I know where I'm living is of non-standard construction it doesn't worry me. Houses that go up for sale here always sell within the week, so much for people having trouble getting mortgages on them!

I've also found that pretty much all new builds are of non-standard construction. I wonder how many people are living in non-standard houses without even knowing it?

stator

Flats are often "non-standard" construction but the mortgagability is the key.
It does depend on the exact type of construction. Some of them are fine, some of them are not good.

MortgageMamma

there are loads of factors that need to be considered. Non standard construction can mean many different things as there are so many types of non standard construction. The key is to find out the type of non standard construction, the issues that it presents and a lender that will be happy to advance money on it. For example, some types of concrete rots, steel frames can be problematic, particular roof types - some are more reliable and safe than others.

There are some lenders happy to accept types of NSC for security and many who rule it out entirely. Often you can find conditions to improve the property upon offer, conditions that certain checks are made over the lifetime of the mortgage etc.

Trust your broker - its a minefield. And just because plenty of these property sell quickly doesn't mean its easy to get a mortgage on them - there could be cash buyers/investors.

Also, consider resale value. NSC may not increase in value as much as standard construction, you may need higher deposit etc.