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London Flat Remortgage - Non Traditional Construction (NSC)
icstm
Posts: 50 Forumite
Hi all,
I am looking to remortgage my flat. It is a Large Panel Construction, though not of a known common type (Laing, Wimpey no-fines, etc).
I bought in 2007 and did not realise the challenge that NSC can face, indeed I did not know it was a Non Standard Construction. My current lender would now not lend on this property (at least not easily) as Arup, from their structural assessments of the building make clear who the structural engineers and contractors were, but also say that this was a unique construction technique in their view. As there is construction name, Nationwide apparently cannot even select "other" from their dropdown list of options.
This can mean following a credit check as part of the lenders willingness to lend me the money, the mortgage will be rejected due to their unwillingness to secure the loan against the property. This happens as it appears common practice to evaluate the borrower before the property.
How can I convince, or which mortgage providers automatically check the lendability against the property before they check the creditworthiness of the borrower?
As a side-note I am in a low-rise block, though within our private development there are high-rises.
I am looking to remortgage my flat. It is a Large Panel Construction, though not of a known common type (Laing, Wimpey no-fines, etc).
I bought in 2007 and did not realise the challenge that NSC can face, indeed I did not know it was a Non Standard Construction. My current lender would now not lend on this property (at least not easily) as Arup, from their structural assessments of the building make clear who the structural engineers and contractors were, but also say that this was a unique construction technique in their view. As there is construction name, Nationwide apparently cannot even select "other" from their dropdown list of options.
This can mean following a credit check as part of the lenders willingness to lend me the money, the mortgage will be rejected due to their unwillingness to secure the loan against the property. This happens as it appears common practice to evaluate the borrower before the property.
How can I convince, or which mortgage providers automatically check the lendability against the property before they check the creditworthiness of the borrower?
As a side-note I am in a low-rise block, though within our private development there are high-rises.
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Comments
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you will need a broker to try and find you a lender, sadly lending criteria do change all the time"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Do the brokers gain access to the "Notes to Valuers" that lenders give to their surveyors? Unless the broker has had previous success, how would they know whom to approach?
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Does anyone have thoughts on my question above regarding how to choose a broker who would know what to look for?
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