Non traditional construction mortgages??

Nutella18

So basically I am ready to put an offer in on a house of weir steel construction... there is approx 100 houses of this style in the area some of which have been underpinned many years ago including the one o wish to put an offer on.

All the notes on home report are 1’s (Scotland) and only noted that some lenders will not mortgage on this type of construction...

I am now worried but I do know from knowing the area slot of people got mortgages no problem. I have agreement in principle with Nationwide ... is this a problem? Any other lenders I should be pursuing? I know I should be speaking to my broker and I will do tomorrow but for the time being any advice is appreciated

I am a FTB stranger to the process of buying never mind this

MortgageMamma

Hello Nutella

You are right that there are some lenders who won't lend on this particular type of construction, so you will need a broker with specialist knowledge of non-standard construction to help you navigate this

You also need to consider the resale value of your property in future as this type of property is difficult to mortgage.

The reason for this is sometimes the steel frame within the concrete rusts away and in some cases the concrete deteriorates also.

Its a big read but if you press control F and type in Weir or BR218 in this document I am linking, you should be able to get more information.

As for which lenders will look at it, I can check Monday morning for you if you wish?

http://file:///C:/Users/Lisa/Downloads/pdf_pub_misc_NontradhousingBR.pdf%20(2).pdf

Nutella18

Hi yes if you could please check that would be great.

I cannot access the link you have sent. The houses very seldom come on the market and when they do they go for crazy prices! I may add they have had outer leaf brickwork also... the issues I have is current owners have only occupied a couple of years.

stator

You should get a proper structural survey, by someone who knows about this type of concrete house.



When it comes to mortgages you can either find a broker who knows about this sort of thing or do the hard work yourself. Most lenders publish their lending criteria online, so you can wade through that and find a list of houses they won't lend on.


Poured concrete houses are usually ok.

MortgageMamma

Nutella

Its quite common for these sort of houses to have brickwork supporting the original structure. They were built as temporary housing post war. They can be made right again, and the key is if the remedial work has been carried out.

What area of the country do you live in? Sometimes you find some of the smaller building societies will work with this type of property. I am in Lancashire and there is a whole estate of these builds about 7 miles from me. I've had some historic success with Leeds Building Society but its been several years since I have mortgage one so that could have changed. I will try and get that list first thing Monday. The thing is a lot of lenders will say "subject to valuers comments" but I know a couple will let you do a pre application valuation inspection, so they look at it on paper (what the broker puts) and do a quick google view, and ask a surveyor that they use locally. I've done a couple of these at no cost to the client

davidmcn

MortgageMamma wrote: »

Its a big read but if you press control F and type in Weir or BR218 in this document I am linking, you should be able to get more information.

http://file:///C:/Users/Lisa/Downloads/pdf_pub_misc_NontradhousingBR.pdf%20(2).pdf

You've "linked" to a file on your C drive. You'll need to upload it to somewhere publicly available or find one already on the web.

AnotherJoe

davidmcn wrote: »

You've "linked" to a file on your C drive. You'll need to upload it to somewhere publicly available or find one already on the web.

Or just make her C drive available to everyone on the internet

Nutella18

Hi Mortgage Mamma

I am in Scotland and underpinning as well as our lead brickwork has been done ... current owners have mortgage with Halifax and no structural survey was required for theirs ...

stator

davidmcn wrote: »

You've "linked" to a file on your C drive. You'll need to upload it to somewhere publicly available or find one already on the web.

Or not, as if the document is what I think it is, it's copyrighted and quite expensive to buy.

MortgageMamma wrote: »

Its quite common for these sort of houses to have brickwork supporting the original structure. They were built as temporary housing post war. They can be made right again, and the key is if the remedial work has been carried out

These houses weren't ever meant to be temporary
The temporary post-war prefabs were more like portacabins and are almost all gone. The "system built" houses that came after were meant to be permanent but easy and cheap to build because of the skilled labour shortage.

MortgageMamma

Hi There

Accord Mortgages - refer to BDM subject to valuers comments.
Barclays - refer
Halifax - refer
Nationwide - refer
Natwest - refer
Santander - refer
Scottish Widows - subject to valuers comments
Chorley BS (post 1991 properties only)
Coventry BS - post 1987 properties only)
Metro Bank - refer
Platform - refer

When enquiring about these refer lenders, I was told (as a broker) that I must speak to our business relationship manager, who will then speak to an underwriter to get authorisation before the application is submitted to these lenders. Some of the lenders are intermediary only (only available to brokers).

If you intend to go direct I would get on the website and live chat or call each lender to discuss the construction type. They will very likely try to make you go in for an appointment before confirming if the construction type is acceptable which could be a big waste of time if they won't accept it, or there is something else in your circumstances that does not fit with a particular lenders criteria, so I'd recommend you speak to a broker to get this done efficiently.

Best wishes

MM

Nutella18

Hi MM

Could I message you to get a bit more info on non standard if that’s ok?