Non-standard construction - wates

Omegageneral

Hello

I’m in the process of a right to buy.

The property is a wates type construction.

Does anyone have any experience here with this house type and what to expect from lenders?

I have a broker visiting me to discuss on Monday.

The broker initially has said it is common and there are mortgages out there.

Will i need to consider adding £45k on top of the mortgage to get the house PRC repaired or is it likely I will get a mortgage without such works?

Also should the house potentially be valued lower because of its non standard construction tag?

Thanks

[Deleted User]

I did a Wates PRC non-repaired last year. Only lender i found wanted 40% deposit and 7% interest.



Once they are repaired they are readily mortgageable. I set the mortgage up with the intention of remortgaging away from this lender once the repair work was completed.

Not sure if they did right to buy or not

re Valuation: The property will be valued lower than a 'standard' construction as the type of build is classed as defective and difficult to mortgage. If you try find examples of other sold properties of similar construction it will give you an idea

May be worth looking at renovation mortgages or something as they may be able to to front you the cost of repair to the property

Its good news your broker says its common though as it implies he has done a few before. A lot of brokers around my town were saying they were for cash buyers only so its interesting what the difference in a bit of experience can make.

Report back with the outcome, id be interested to hear