non standard construction

stik1888

Hi guys looking at buyin a house with my boyfriend.....the property is a myton steel frame construction which i know nothin about
could anyone please offer me some more info and possibly give me advise on any lenders they know who deal with FTB's on these type of property as the estate agents lenders have not been able to secure a mortgage on this type of property

thank you

minimike2

Do the Halifax not lend on these (brokers)...I was under the impression they did?

It would help to know the loan size and deposit, also your incomes too as these will all be a factor when looking at what lender to use.

stik1888

the property is on at 85k fixed price, we have 10k maybe more for a deposit.
my bf earns 21400 p.a and i only earn 11500p.a

today ive been googling to try and find lenders but not much is comin up. i didnt see the halifax but i shall have a look

any help is really appreciated as im so stressed even contemplating all this ha ha

minimike2

I know they do some steel frames, might be worth ringing and asking if this one is on thier list.

I was going to suggest Skipton too, but you would need a bigger deposit with them.

Failing that your best bet will be to go and see a broker as it will mean contacting various lenders to find if they lend on that perticular construction type. There should be a few that will lend on those figures.

I assume you have no adverse credit data too?

stik1888

minimike2 wrote: »

I know they do some steel frames, might be worth ringing and asking if this one is on thier list.

I was going to suggest Skipton too, but you would need a bigger deposit with them.

Failing that your best bet will be to go and see a broker as it will mean contacting various lenders to find if they lend on that perticular construction type. There should be a few that will lend on those figures.

I assume you have no adverse credit data too?

we have very good credit history so no problems there.

sarkin

I am not a fan of non standard construction properties for the reasons you have listed i,e difficult to get mortgage on. This will also impact on your resale

UK007BullDog

Absolutely, if you cannot get a mortgage now, or find it very hard now to find one, what could happen in the future is that no one will lend on them either.

The same with those Cement construction jobs that are now unmortgageable and people are stuck with them, of those in ex-local authority highrises on the 10th or higher floor. A lot of the more aggressive lenders that used to lend on exotic constructions have moved out of lending and the main high street players just want ordinary vanilla flavour properties to lend on.

One of my customers bought a concrete ex-local flat on the 9th floor (not with me) I could not find a lender now and her present lender wont let her remortgage or release equity or choose a better deal with them. Stuck on a very high SVR.

Googling wont help you find anything. You need to speak to a broker.

Personally I would not even contemplate buying anything like that. You might end up paying for something with nil value in the future.

Call up a local surveyor and ask them which lenders lent on any of the other properties like it in the neighbourhood. You might come up with something but they might no longer lend on properties like this now.

Anyway you have been warned.

Conrad

C & G have leant on them for me, not sure if they still do though.

sarkin

Hey Conrad are you selling developments in Morroco

Dan_Collins_2

C&G, Halifax, BOScot and pos Royal Bank of Scot. Call them with the property details and ask. You may not find it online!

Tiddler_2

I would suggest calling Colleys, who are HBOS's surveying arm. They will tell you if they will lend on them, and may give you some info on other companies that will lend aswell.