Showing a range of the latest UK mortgages from lenders considering concrete construction property Updated as of January 2023 Mortgage amount 150,000, over 30 years 31 Lenders Mortgage Lender #1 576 Monthly payment 95% Maximum LTV 3.05% 3 year discounted Initial rate 199 Product fees 4.9% APRC Overall cost for comparison Get Approved Now! Mortgages for Non-Standard Construction Fixed Rate 4.83% 5 Year Fixed 65% LTV Overall cost for comparison 5.9% APRC 500 Cashback Representative Example: Mortgage of 100,000 on property valued at 200,000 over term of 25 years. Bradgate Park View, Visit the Halifax Twitter page. (don't know how true that was) Add message. Most lenders would consider letting you borrow. We are an information-only website and aim to provide the best guides and tips but cant guarantee to be perfect, so do note you use the information at your own risk and we cant accept liability if things go wrong. At the end of that period, we will switch you to another rate, usually one of our Halifax lender variable rates. The lender takes many factors into account when deciding whether youre creditworthy and youll be assessed on a case-by-case basis. This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. A steel house mortgage, therefore, may be difficult to secure. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number697688. The team at Think Plutus have compiled this guide to non-standard construction mortgages to help you understand how they work, what options are available and how you can get one. With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you're getting the best available rate and the highest chance of mortgage approval. That said, Halifax are known to cater for. We can change our lender variable rates at any time. Your interest rates will stay the same during the product rate period, even if the Bank of England base rate or our Halifax lender variable rates change. Keep in mind that this calculator is for illustration purposes only. The Financial Conduct Authority does not regulate some forms of buy to let mortgage. Sign up for the latest market news, new lender product information and helpful tips and advice from our experts! Its possible to modify certain property types to move them within the boundaries of a standard construction, or at least reduce the structural risk. Zestimate Home Value: $142,000. There is usually an annual charge for the lease, called a ground rent and sometimes there may also be service charges. Its important to remember that these lenders can consider offering mortgages for non-standard construction properties but theres no 100% guarantee that they will. Material Based Non Standard Construction Property: Wattle and Daub Prevalent for over 6000 years this is a construction technique used where a wooden lattice of wooden strips are daubed with sticky material made of combination of clay, soil, sand, straw and like material and applied on both sides and allowed to dry. Petes presence in the industry as the go-to for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. 3864 EAGLE ROCK RD, Middleburg, FL 32068 is a 4 bedroom, 3 bathroom, 3,740 sqft single-family home built in 2022. These two types are on the 1985 Housing Defects Act list and are unmortgageable until repaired in accordance with the guidelines set out by PRC Homes Limited. Maybe that rejection was a blessing in disguise. in your financial history, being considered too old for a mortgage or failing to fill out the paperwork correctly are just a few of the other common reasons mortgage applications break down. Rated excellent on Trustpilot, Feefo and Google. We will match you to a real human being who's an expert in your circumstance with a proven track record at finding mortgage wins. This income multiple is not widely available to customers who are applying directly with a lender. We offer a free broker-matching service that will introduce you to the best mortgage expert for your needs and circumstances. A non-standard construction mortgage is a mortgage on a property that is not built with standard construction methods such as bricks and tiles. Plasterboard- A rigid board made of layers . Compare The Best Mortgage Rates Top 24 Lenders Ranked. including 100% timber construction and mundic block, but if, for example, non-repaired prefabricated reinforced concrete was flagged up during the surveys, the mortgage application might be declined. Save. If you decide to sell the property, you must give the builder 25% of the sale proceeds. Opens in a new browser tab. Non-Standard construction property? The lender's security is in the property itself and non-standard or non-traditional construction makes the integrity and durability of that building far less certain. We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different Property Types. Visit the Halifax Facebook page. Grounds to appeal include the lender basing their decision on incorrect or outdated information, or if you failed to declare capital or assets that are held with another bank or financial institution. We'll only lend on leasehold properties with at least 70 years left on the lease when you apply. Use our A to Z tool for details of our residential and buy-to-let lending criteria. With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you're getting the best available rate and the highest chance of mortgage approval. In Scotland (except in rare cases where there is a form of long lease known as a 'tack') all properties are owned outright by the 'registered proprietor'. Online Mortgage Advisor is a trading name of FIND A MORTGAGE ONLINE LTD, registered in England under number 08662127. Opens in a new browser tab. Think Plutus can help you obtain non-standard construction mortgages. Halifax do sometimes consider offering mortgages to customers with most types of bad credit. The FCA does not regulate most buy to let mortgages. Each will have their own criteria regarding the type of property they'll consider lending on. An APRC is calculated using a standard method so it provides an effective way for you to compare quotes from different lenders. Certain types of pre-cast reinforced concrete (PRC) construction are designated defective and may not be acceptable unless repaired. Some lenders will blanket refuse a mortgage on certain properties that really arent a big risk to them. We were told at the time they were 1 of 2 lenders. You should get a level 3 building survey due to the wider scope regarding non-standard construction Timber frame houses are far less common than brick houses in the UK - although they are more numerous in Scotland - and, like concrete houses and steel frame houses are classified as being of non-standard construction (or non-traditional . Book a call and an expert broker will call you back at your preferred time, within 24 hours. There are many other reasons why your Halifax mortgage application might be rejected. Any builder you use to build your property must be registered with an acceptable Building Standards indemnity scheme, or the construction must meet our current monitoring requirements. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision to help as many customers as possible get the right advice, regardless of need or background. It has been recognised recently as a green building technique, which has led to something of a resurgence. - Mortgage Advisor, MD. Visit the Halifax Youtube channel. The mortgage account fee is an interest-free fee which is charged on new mortgage completions. It might be that there is work you can do in the meantime to reduce the structural risk and make the property more sellable, such as reinforcing steel frames. You apply at the end of each stage for an instalment. Your mortgage adviser will discuss your needs and circumstances with you before recommending the most suitable mortgage for you. Halifax state on their own website that a typical mortgage application with them can take up to three months. All Rights reserved. Lenders will want a comprehensive survey to get a good idea of the condition of the building, an accurate current valuation and an assessment of any potential future issues. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. Theres always the temptation to rush out to another mortgage lender in the hope of a better outcome, but its important to hold your horses in the short term. The difficulty with non-standard construction mortgages is that the property type and construction can be so different from one home and another that its hard to apply the same criteria across the board. A new property or a property that has been built or converted within the last ten years should be part of a Building Standards indemnity scheme. It may not be suitable if you live on a tight budget that won't stretch to higher monthly payments when rates rise. Rated excellent on Trustpilot, Feefo and Google. Example: Estimated value of finished property: 260,000 Cost of construction: 120,000 Total loan amount: 169,000 (65% of 260,000) *At stage 4, although 75% of the interim value would enable 45,000 to be released at this point, 10% of the loan will be retained until the property is fully complete. In this article well look at non-standard construction mortgages, how they work, how much you can borrow and how a broker can help you find the best deal. As such, the insight and expertise of a whole-of-market broker like Think Plutus are highly recommended. There are over 500 different BRE Recognised 'System Built' Properties. Halifax accepts various build types that are classed as non-standard including 100% timber construction and mundic block, but if, for example, non-repaired prefabricated reinforced concrete was flagged up during the surveys, the mortgage application might be declined. This is a variable rate that is above, below or the same as the Bank of England base rate or some other rate it tracks for an agreed period. Contact us today by phone or by filling out the contact form and well answer your questions. Here we'll explore what non-standard covers in terms of construction mortgages, and everything you need to do before applying for mortgage lending. Which lenders will consider applications? Questions? Think carefully before securing other debts against your home. Halifax and Barclays for example are both open to non-standard construction mortgages on a range of property types including 100% timber construction homes, thatched roofs and concrete homes. You must provide a copy of the final inspection report and completion certificate and complete the build within two years of the first release of funds. Think Plutus helps people arrange mortgages on a wide range of non-standard construction properties, so we can quickly help you get an idea of how likely it is that you will obtain the mortgage you need. Non-standard homes include timber framed houses, log-style cabins and prefabricated concrete houses. Think Plutus is a trading name of The Finance Planning Group Limited. 981 Sq. Make an online enquiry or give us a call on 0808 189 2301 and well look at your circumstances and match you with an advisor that has the right mix of skills and experience to give you the best chance of securing your non-standard construction mortgage. Getting a mortgage in Scotland is a very similar process to in England and Wales, but its worth noting that overall there are fewer lenders offering mortgages in Scotland and some of them impose postcode restrictions, making it harder to get mortgages in some areas of the country than others. You can get an idea of how much you could borrow and compare rates with our mortgage calculator and tools. If bad credit was the problem. There are plenty of lenders however, including the high street banks, who will be prepared to consider an application, its just a case of narrowing the search for your circumstances. Their actual processing times can vary depending on how long the conveyancing takes and whether there are any issues surrounding the property seller as well as the buyers personal circumstances. Single-Family home built in 2022 introduce you to the best mortgage rates Top 24 lenders Ranked that will you! 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