Mortgage Problems

wllcnur

My son bought a flat 5 years ago & is looking to remortgage. He's been told that he can't get a lender as the property has a steel frame - this was never mentioned in home report or when he took out his current mortgage. Is there any comeback with the current lender for not picking this up or is it just tough luck? 

SarahB16

wllcnur said:

My son bought a flat 5 years ago & is looking to remortgage. He's been told that he can't get a lender as the property has a steel frame - this was never mentioned in home report or when he took out his current mortgage. Is there any comeback with the current lender for not picking this up or is it just tough luck? 

There are homes built in the UK with steel frames that don't just sell to cash buyers.  I presume his 5 year old flat has a 10 year New Home Warranty with it?  Who provided the 10 year new home warranty, e.g. NHBC, etc. 

If he doesn't have a 10 new home warranty (obviously with just c.5 years remaining now) from a relatively well known new home warranty provider then things will be a lot more difficult.  

When you get chance to reply to the above I can advise you further share my thoughts.

user1977

Not a case against the lender, perhaps against the surveyor (assuming by "home report" you mean either a homebuyer's report he commissioned or a Scottish Home Report). But more info on the type of construction would be useful.

housebuyer143

My friend just got a mortgage with Santander on a steel frame tin roof property. Have you spoken to a broker? 
If you son commissioned his own survey then it would have been made clear the construction type. A banks survey is only for the bank and you have no come back over things that you were not made aware of that might have been noted.

Emmia

wllcnur said:

My son bought a flat 5 years ago & is looking to remortgage. He's been told that he can't get a lender as the property has a steel frame - this was never mentioned in home report or when he took out his current mortgage. Is there any comeback with the current lender for not picking this up or is it just tough luck? 

Does he need to remortgage? Or would a new fix with the current lender be an option?

la531983

Emmia said:

wllcnur said:

My son bought a flat 5 years ago & is looking to remortgage. He's been told that he can't get a lender as the property has a steel frame - this was never mentioned in home report or when he took out his current mortgage. Is there any comeback with the current lender for not picking this up or is it just tough luck? 

Does he need to remortgage? Or would a new fix with the current lender be an option?

Assume he's looking to borrow more.

Hoenir

Lenders criteria can change over time. 

Albermarle

He's been told that he can't get a lender as the property has a steel frame - 

Been told by who ?

Has he been to a mortgage broker, they are usually the best bet for non standard properties?

sheramber

Mention of a ‘home report’ would imply the flat is in Scotland.

A seller in Scotland is legally required to obtain a home report before they sell. This report is available to all  those interested in the property. 

As well as the condition of the property it gives the  surveyor’s  value for the property.