Mortgages for Non-Standard Construction
If you are purchasing a house that has a non-standard construction then you could face difficulty securing a mortgage on the property.
This is because any building that is classified as being of a non-standard construction means that some lenders may be more reluctant to offer a mortgage deal for this type of property than they would be for a house made using standard building materials and techniques.
To a mortgage lender ‘non-standard construction’ essentially means any property that isn’t a house built on concrete foundations with walls made from brick or similar materials, and a pitched, tiled roof. Types of non standard construction property that you may encounter difficulty getting a standard mortgage for could include any of the following:
- Prefabricated houses
- Flats that are in unusual locations, such as flats above commercial premises or in a tower block with more than 4 or 5 storeys
- Timber framed houses or wooden houses
- Thatched cottages
- Buildings made of wattle and daub
- Buildings that have asbestos
- Flat roofing
Getting the mortgage for non-standard construction that you need
One of the key reasons that some standard mortgage lenders will refuse to offer mortgages for non-standard construction is that they fear the non-standard construction materials will affect resale value.
Essentially, mortgage lenders want the reassurance that, in the event that they need to repossess the property they will be able to sell it quickly and easily to recoup the money owed.
However, there are several advantages to a property that has a non-standard construction. Firstly, depending on the materials used to build them, they can be very environmentally friendly both in the sustainability of the building materials and the sustainability of heating the property.
Secondly, homes that are of non-standard construction often have a unique market appeal for prospective buyers who are looking for a property that is a little different from the norm.
What criteria need to be met when applying for mortgages for non-standard construction?
Fortunately, there are plenty of mortgage providers who specialise in offering mortgage deals for non standard construction properties and for other types of property that may be less attractive to conventional mortgage providers.
If you apply for a mortgage for a non-standard construction then the potential lenders that you approach will probably consider specific factors before deciding whether or not to lend to you. These could include:
The state of the building that has non-standard construction – you may be more likely to get a mortgage deal on a modern or well-maintained house with non standard construction than on a dilapidated non-standard home that requires restoration. A comprehensive survey will be needed for a mortgage provider to lend on a non-standard construction
The type of property with non-standard construction – if the home that you want to get a mortgage against is a listed building, this could affect your mortgage application and may also lead to strict constraints as to what changes you can make to the property once you have bought it.