prefab Mortgage rejected: category 4 property, TSB need category 5, what are the categories?

kelster101757

Hi,

TSB has just rejected a prefab home mortgage after valuation.  The house is a prefab the description on the "certificate of structural completion" says "the the walls replaced or redundancy of PRC Airey property....non traditional homes appraisal scheme (NTHAS) category 4 repair method".  The bank valued rated the house as a category 4 (as per the certificate) and TSB will only give a mortgage on a category 5 houses.  We cant find any information on what category 5 or 4 is, can anyone shed any light?

Thanks

[Deleted User]

Unsure about the categories but I didn't think mortages were actually given on non standard construction ? 
Someone with more knowledge will be along with accurate information soon.

Woolsery

It looks like there's a scoring scheme for PRC repaired houses and 5 is the minimum level for this particular lender. There may be others who would accept the risk at level 4, possibly at a higher interest rate and you might need a specialist advisor to help find them.

Markets are always changing, so it could be that increased risks associated with a recession make repaired PRC houses an unattractive proposition for lenders who might have accepted them in more buoyant times.