Non standard construction

clairelouxxx

Hi everyone,

I was wondering if anyone could give me any advice. We have submitted a full application for a mortgage with Kensington. 95%LTV. Everything was going well, valuation was carried out Monday and our broker came back to us today to say that valuation had came back that the house we are wishing to purchase might be non standard construction. They are now saying that they might loan at 10% deposit. We have had our offer accepted and I'm afraid we don't have a further 8k that we can currently put towards a deposit.

Has anyone else went through something similar? How did it turn out.

Home was built in 2011 and is a 3 bed semi house.

Any information or advice would be greatly appreciated.

[Deleted User]

What type of non standard construction is it?

If its non standard and hard to mortgage it arguably affects its value as well

clairelouxxx

Hi,

As stated in the Home Report it says timber frame with outer leaf brick. Valuation was carried out by Kensingtons own surveyor and all we know so far is it looks like non-standard construction and they may have to change the product applied for. We had given the mortgage broker a copy of Home Report before full application (buying in Scotland).

Thanks

clairelouxxx

Anyone? We are really worried incase this means we are going to have to lose the house.

[Deleted User]

How old is the property?

Timber frame isn't really accepted by a lot of lenders but depending on age there are some exceptions.

If guess you aren't with Kensington out of choice though so it may there is a lender who will mortgage the property but you will fail the credit scoring

So I guess 2 questions:

1. When was the property built?
2. Why are you with Kensington at the moment?

clairelouxxx

Hi,

Thanks so much for replying. Home was built in 2011. We are using Kensignton as I have 4 historic defaults from 2015. My partner's credit file is clear of any issues. Our advisor suggested Kensington as they were willing to let us purchase with a 5 % deposit.

Thanks

comeandgo

If you are buying in Scotland timber frame is no problem. Most of the newer houses have timber frames and I've never had a problem with getting a mortgage.

clairelouxxx

comeandgo wrote: »

If you are buying in Scotland timber frame is no problem. Most of the newer houses have timber frames and I've never had a problem with getting a mortgage.

Yeah it is Scotland and that was our understanding too. But they have came back to say that they will not lend 95% because of non standard construction.

So it seems to be more a problem with the lender as opposed to the construction.

[Deleted User]

Most timber framed post 1990 or 2000 should be fine with most lenders. It tends to be pre 1970s is a straight decline.

What other lenders did your broker try for a credit score pass?

At 5% and 4 defaults there aren't many lenders in the first place. It might be a case of Kensington being the only lender for your credit profile so if they won't lend you are out of luck