Will we get a mortgage? (non traditional construction)

sparklewing

We had an offer accepted on a house and have had the survey done all was fine and it is valued at ore than we are paying which is great. However the surveyor says it is of non traditional construction.

It's an ex council house with a tin roof bit worried now that we aren't going to be able to get the 95% mortgage we need does anyone have any experience of this?

Solicitor seems to think we won't have any problems but the majority of estate agents in our town state on the schedule when a house is of non traditional construction and that it may not be harder to get a mortgage for, aparently the estate agents selling this house do not state this, which is a bit annoying.

Our mortgage broker is aplying for a 95% mortgage with Bristol and West today which he previously said we would have no problems getting as long as the survey came back ok and now we are worried.

We have told the vendor we are not putting in a leagally binding offer until the mortgage is sorted.(Scotland)

KrisBolton

Non traditional construction takes many forms, and whether you get a mortgage will depend on what type of construction the house is. For example, Bristol & West, who you indicated your adviser had applied to, will do a Wimpey No-Fines non traditional construction, but will not do other types that have been deemed defective under the housing act.

The best thing you and your adviser can do is to ascetain what type of construction it is then ring the proposed lender to see if they will do that type of construction. More work I know but at least you won't be let down.

The implications to you in the future are also that when you come to sell the property, the buyer will be running into the same problem with lenders and constructions, so ensure that you do want the house enough to take the potential risk in the future of some slight difficulty selling it.

princesslibby

Hi,

I've been doing a bit of research as we have fallen in love with a house which we think may be catagorised as a non traditional build - basically the top half of the property is wooden - which obviously makes it harder to find a lender willing to give us a mortgage.

Does anyone have any advice for us and does it seem to be getting any easier to get a mortgage for this type of build?

Although the building is old it is in exceptional condition as it has been rented as a holiday home for the past few years so strutually it is sound.

We are both quite young and this would be our first house.

Any info. greatly received!!

Many thanks.

kingstreet

Get a good independent or whole of market broker.

He'll establish exactly what the construction method is and find you the lender who'll give you the best deal for such a property.

Please remember, if you have difficulty now, anyone you try to sell to in the future is going to have similar problems. Do you want to make selling more difficult than it may be selling an ordinary/traditional house?