Will I get a mortgage?

Will you get a mortgage on a non traditional house?

If you are looking to purchase a non traditionally constructed house or flat and are wishing to gain a mortgage to do so then you will be asking yourself will I get a mortgage on a non traditional property?  The answer to this question is not always straightforward as some non traditional construction buildings are accepted by the banks, building societies and mortgage lenders and others are not, assuming that the lender's valuation Surveyor spots them.  It is therefore very important to ascertain whether the bank, building society and mortgage lender will lend on the non traditional construction property that you are considering buying.

Another question that needs to be addressed is will the resale value be affected when buying a non traditional home?

Again, not a text book answer here but the non standard construction of a dwelling may make the property harder to sell as it is harder to get a mortgage on a non traditional building but may not necessarily affect the resale value.

Lenders attitudes to non traditional homes

Lenders often have different attitudes to clients seeking a mortgage on a non traditional construction property.  For example a modern timber frame house some lenders will refuse borrowing yet others will be prepared to lend.  We know of one Building Society for example that will not lend on a property built entirely of timber but will consider lending if the property has an outer skin of brickwork.  Another Building Society will rely on the valuer's opinion and the individual qualities of the timber frame building but will refuse to lend if their has been retrospective filling of insulation material in the cavity between the timber frame and cladding.

Whether you are looking at a concrete, steel frame, thatch or listed property lenders will vary their attitude towards providing finance.  

At the time of writing this article it is our understanding that the Halifax Building Society provides mortgages on non-traditionally built houses.  The Halifax is amongst a small number of lenders that loan mortgages to individuals purchasing non-traditional houses.

We have provided structural surveys, property reports and tailor made reports over the years to help our clients gain the information required to support their mortgage application.  Free phone 0800 298 5424 today if you would like us to help you.