Timber frame mortgage help

TimberFrameGames

Morning all,

Resorting to the power of internet forums to see if anyone has any help or advice!

I live in a 4 bedroom timber frame house. It was purchased in 2002, and had a mortgage on it with the Halifax. A subsequent remortgage was done in 2008, for home improvements (house was a bungalow and we borrowed to put on an additional upstairs and new roof) - whole mortgage was paid off in 2013.

We decided late last year that we would like to do some further improvements to increase the value of the property (currently valued at 750-850k) - there is an annexe on the property that we would like (and have obtained planning permission) to extend, and the big house we would like to extend again to accomodate an elderly relative to move in with us within the next year or two.

We assumed we would have no problems, seeing as the house has had a mortgage on it before etc etc, so happily proceeded with a mortgage broker. Despite telling him that the main house was a timber frame he applied for a Barclays remortgage which was rejected as Barclays told us they didn't lend on timber frames. Having lost confidence in this broker we moved to another one, who told us that Halifax was an almost certainty, everything would be fine etc etc.

Halifax sent out a valuer who wrote in his report - timber framed houses of less than 150mm are considered to be of sub-standard construction, mortgageability and future resale-ability will be significantly affected.

So the Halifax have said no, too! We have begun the complaints process with the Halifax, as if it was such a stinker, why did they lend us the money to extend it 10 years ago? I understand that criteria change, but it says on their website that timber framed houses will be considered on a case-by-case basis. Our house is solid, in good condition and was built in 1920, it has not been retrospectively insulated or had any weird stuff done to it. Not a crack anywhere.

This mortgage broker has gone quiet on us now too, and says that our options are limited. I guess what I would like to know is, does anyone know of any other lenders that would be agreeable? Ideally I would like to get the Halifax to reconsider but appreciate that this is unlikely.

I have no idea who to turn to, our architect says to speak to the mortgage adviser, mortgage adviser has told me yesterday to 'start doing my own research' and to speak with the architect and builder about 'options' - I don't know what these are though, and I don't know what to do.

Can anyone help me?

Thanks in advance,

Thrugelmir

TimberFrameGames wrote: »

We have begun the complaints process with the Halifax, as if it was such a stinker, why did they lend us the money to extend it 10 years ago?

Lenders are perfectly entitled to change their criteria for whatever reason they choose. It's a commercial decision. That's the bottom line.

TimberFrameGames

Oh yes, I completely agree with that - of course they can lend on whatever they decide to lend on. I guess I just find it really strange that it was fine to lend a lot of money on a while ago but now suddenly it's completely un-mortgageable. Do you not think that is a bit odd? I have never come across a problem like this before, so I do find it odd!

Okydoky25

I purchased my Timber Frame house in 2016 with Santander and have remortgaged with HSBC with no issues.