non standard builds

kyles278

Hi. I'm hoping for some help to try to get my head around this. I'm interested in buying a property, it's a non standard build (apparently) as it is timber construction, with pvc cladding. it is a bungalow, but doesn't have a flat roof, only slightly steeped. My financial mortgage broker came to see me yesterday to go through all the paperwork for applying for a mortgage. I'm a first time buyer, but my partner isn't. I have 5 year old defaults, am employed, and 39. My partner is 60 and has bought houses before in previous relationship. We have 50% of price for deposit, which he is providing. My broker rang the estate agent today, and they informed him that as it is a "park home" type home, it can't be mortgaged. It's not a park home, it's on a private road in a residential housing estate, and doesn't even look like it's a "park home style" house. We have quite a lot of holiday parks nearby, and it definately isn't. I'm just baffled as to how the estate agent can dictate what can and can't be mortgaged. Any logic would be greatly appreciated. The house is on rightmove as follows: rightmove property-for-sale/property-58528756 Thankyou in advance for any advice or help

aneary

To be fair it does say cash buyer on the ad and also mentions it being used as a plot to build on.

stator

The estate agent can't dictate what is mortgagable.
The mortgage lender will hire a surveyor who will decide if the house is reasonable security.
If you are upset at the behaviour of the estate agents, put in a letter of complaint.

Brock_and_Roll

Without wishing to sound rude, the property is clearly unmortgageable - as stated in the Rightmove ad.


I have had a look at similar property ads nearby and there seems to be a fair bit of non-standard construction (concrete or timber frame) and all these adds say cash buyers only.


I guess these properties sprung up post war and because of the relatively isolated / low value / seaside / holiday area, quite a few of them have yet to be replaced.




Down my way some people pay £200k for a beach hut......but they wont get a mortgage for one!

davidmcn

kyles278 wrote: »

I'm interested in buying a property, it's a non standard build (apparently) as it is timber construction, with pvc cladding. My broker rang the estate agent today, and they informed him that as it is a "park home" type home, it can't be mortgaged. It's not a park home, it's on a private road in a residential housing estate, and doesn't even look like it's a "park home style" house. We have quite a lot of holiday parks nearby, and it definately isn't. I'm just baffled as to how the estate agent can dictate what can and can't be mortgaged. Any logic would be greatly appreciated. The house is on rightmove as follows: rightmove property-for-sale/property-58528756

So this:
http://www.rightmove.co.uk/property-for-sale/property-58528756.html
It's definitely timber. It won't be mortgageable. The estate agents are just being realistic, to avoid you wasting your time - they're not dictating anything. If you think you can get a mortgage for it, best of luck.

Brock_and_Roll

Brock_and_Roll wrote: »

Without wishing to sound rude, the property is clearly unmortgageable - as stated in the Rightmove ad.


I have had a look at similar property ads nearby and there seems to be a fair bit of non-standard construction (concrete or timber frame) and all these adds say cash buyers only.


I guess these properties sprung up post war and because of the relatively isolated / low value / seaside / holiday area, quite a few of them have yet to be replaced.




Down my way some people pay £200k for a beach hut......but they wont get a mortgage for one!

Oh and I notice that the seller:


a) regards it as a holiday home
b) is wanting 9.5% compound price growth for the last 20 years given their £20k purchase price!!!

*~Zephyr~*

Sorry, but yes, it IS a Park Home / Caravan. It just doesn't have wheels. That's not to say it couldn't be perfectly lovely as a holiday home. of course it can, but you can't call it a house and get a mortgage on it.

What you might be able to do is get a mortgage on the plot of land. You'll probably need a specialist broker, but it could be a possibility.

Number75

How can you say it doesn't look like a park home? It absolutely does! It's lovely, but it's obviously a park type home.

Even if you could get a mortgage on it, the listing nearly says cash buyer.

The EA is not an expert mortgage broker - though most have more idea than the average person of course. But they do know if their client had instructed cash sale only.

What has your broker said?

stator

A 'park home' means something different to what some people might understand.
It means a situation where the land is owned by a private company or persons and they sell the homes on the land. But in order to sell on the house you need the permission of the park owner. You also have to pay maintenance fees towards the park. There have been a lot of reports of people being poorly treated by the park owners, not being allowed to sell etc, so that is why park homes are often unmortgagable.
If this is house built on freehold land, then I wouldn't describe it as a 'park home' even though it's clearly a timber built 'chalet' style home that may not be suitable for year round living.