Mortgage for steel frame concrete house

raygcon

I've found a house that is in my price range and location. Only today I learnt that the construction type of the house is concrete + steel frame built in 1950. Is it true that this is categorised as none standard construction method, and the choice of lender will be limit, as opposed to the standard one? I plan to buy it as a stepping stone for the next property , so property live in it for couple of years, but not sure if it's worth it as it seems to be problematic when re-sell ?

K_S

@raygcon Generally speaking, steel-frame houses built pre-1980s are difficult to get a mortgage for. If you have a very low LTV, some non-mainstream lenders *may* consider. Do you have a technical name at all for the type of construction? If you want to keep things simple, straighforward and expect to sell in a few years, I would probably reconsider.

A quick and easy test is just checking with the vendor and/or neighbours (in similar properties) if they've been able to mortgage their properties and if so how easy/difficult it was.

raygcon

K_S said:

@raygcon Generally speaking, steel-frame houses built pre-1980s are difficult to get a mortgage for. If you have a very low LTV, some non-mainstream lenders *may* consider. Do you have a technical name at all for the type of construction? If you want to keep things simple, straighforward and expect to sell in a few years, I would probably reconsider.

A quick and easy test is just checking with the vendor and/or neighbours (in similar properties) if they've been able to mortgage their properties and if so how easy/difficult it was.

The current owner got mortgage from Halifax which inline with the list of lender who is willing to give mortgage for this type of property ( the agent try to push us to go with Halifax as well, it seems they know this is one of the option we have ). I guess the point is I want to check how the whole circumstances would be like going for this kind of property as I would probably re-sell it in couple of years time. 

I think I got the answer. I might not go for this one then. It doesn't worth the headache. It's much less about being able to get the mortgage, but more about the disadvantages with the house, as I can't imagine what would it be like when re-sell + repairing cost if we need one. Thanks a lot.

[Deleted User]

if Halifax will take it then it sounds like a Wimpey No Fines construction which isnt quite as bad as normal concrete.   

I have a few streets of them in my town and they sell faster than anything else around. You have to always be aware that it will be cheaper than a standard construction but as long as you get it for a good price then I dont mind them. 

Unrepaired PRC is what you want to be staying away from

raygcon

Deleted_User said:

if Halifax will take it then it sounds like a Wimpey No Fines construction which isnt quite as bad as normal concrete.   

I have a few streets of them in my town and they sell faster than anything else around. You have to always be aware that it will be cheaper than a standard construction but as long as you get it for a good price then I dont mind them. 

Unrepaired PRC is what you want to be staying away from

Thanks for the insight. This is the first time I learnt about this restriction. I'm lucky enough not to have problem with flat cladding ( as I have to sell one to buy the house ) so I'm not sure I'm ready to go through another headache.  There are so many of them around the area I'm looking for and was wondering why it's cheaper than the rest. This now make sense. Probably have to go with brick house instead to save my heart.