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Can I get a mortgage on an unusual construction property? Yes, there are specialist lenders who offer non-standard construction mortgages. This doesn’t mean, however, that a risk-averse lender will offer you a mortgage for a non-standard construction house if it violates their criteria in some way.
Why is it difficult to get a mortgage on a non standard construction?
Specialist lenders are available who accommodate non-standard construction mortgages. By categorising construction types as ‘standard’ and ‘non-standard’, lenders can mitigate risk. Generally speaking, non-standard properties are considered higher risk, which makes them more difficult to finance.
What does non standard construction mean when buying a house?
Non-standard construction properties. A non-standard construction house is built from materials that do not conform to the ‘standard’ definition. Standard houses have brick or stone walls with a roof made of slate or tile. A non-standard construction is therefore anything that falls outside of this.
Can you get a mortgage on a house that isn’t built yet?
Mortgage offers tend to be valid for six months, which can cause a problem if you’re buying a home that hasn’t been built yet (see buying off-plan) and the projected completion date is further in the future. Some lenders will consider extending their offers, but this is often subject to reassessing your application.
How do I know if my house is non standard construction?
Your house will be considered a non standard construction if it is built of anything other than a traditional construction of bricks and mortar (or stone) with a slate or tiled roof. i.e. if your house incorporates frames, modular parts, cob etc then it will be considered non-standard construction.
Can you change a non standard construction house?
You can switch the property from non standard construction to standard construction. One option to get around the non standard construction problem is to just replace the non standard part of the home. This is easier for some parts of the house than others.
Are concrete houses Mortgageable?
Concrete houses are classed as non-standard construction which makes getting a mortgage for them very difficult but not impossible.
What is the problem with non standard construction?
It’s more difficult for an insurance underwriter to assess the risk. Consequently, it can be difficult for you to get insurance on non-standard properties. It therefore also becomes harder to secure a mortgage to buy such a property and, in turn, this can make it difficult to sell on.
Why are steel framed houses Bad?
Steel houses suffer from relatively poor insulation and energy efficiency: steel conducts heat 300 to 400 times faster than wood and reduces the insulating properties of wall insulation by 60% because of thermal bridging (heat taking the most conductive path to dissipate: steel is an excellent conductor of heat.
What is the problem with steel framed homes?
Steel Framed Construction is Not Energy Efficient. When compared to most other framing products, steel framing is not energy efficient. In fact, wood has nearly four times the thermal resistance of steel. The reason steel frame buildings are not energy efficient is due to thermal bridging.
Is it cheaper to buy a house before it’s built?
If you’re focused solely on initial cost, building a house can be a bit cheaper — around $7,000 less — than buying one, especially if you take some steps to lower the construction costs and don’t include any custom finishes.
What makes a house Unmortgageable?
Properties without a kitchen or bathroom. Properties with any kind of structural defect, damp, dry or wet rot. Properties close to mining works, areas of landfill, areas of recent flooding or subsidence. Leasehold properties with a short lease, typically less than 70 years, or a defective lease.
How hard is it to get a self build mortgage?
Yes, lenders consider them a bigger risk so interest rates and fees are usually higher. Only a few lenders offer them, so there’s less competition for them to offer lower rates. You’ll also have to take into account other costs, like getting planning permission and maybe buying a plot before you can get a mortgage.
Do Halifax lend on steel framed houses?
Since then however, the Halifax has approved huge numbers of Steel Framed property mortgages, many of these being BISF Houses. The majority of sales going through Halifax do so with little or no problems, providing the surveyor is familiar with the property type and raises no objections.
What is a non-standard mortgage?
Non-standard mortgages include adjustable rate mortgages, interest only mortgages, and those mortgages with a negative amortization schedule. The lender has considered whether the standard mortgage likely will prevent a default by the consumer on the non-standard mortgage once recast.
How do I know if my house is frame or block?
A concrete block wall will be about 10-inches thick, which is wider than any of the other types. The one absolutely certain way to determine the wall structure type is to look at the top of the wall in the attic, which your home inspector will do as part of the inspection.
Are timber frame houses worth less?
They’re quick and relatively inexpensive to build. And as well as being cost-effective, timber frame buildings are also highly versatile, as they can be clad in almost any building material. Building a timber frame house will result in far lower CO2 emissions than a traditional brick build.
Do estate agents have to disclose non standard construction?
The fact is most Estate Agents will not tell you that you are buying a non-traditionally built property as most do not know. The only way to tell is to instruct an RICS Registered Surveyor to identify defects as well as indicate the construction type within the survey.
What does non traditional construction mean?
Non traditional construction is houses that aren’t built of brick or stone, such as concrete house constructions, PRC houses (pre-cast reinforced construction), and timber-framed properties. The house building industry is changing yet again.
Are concrete houses harder to sell?
Concrete construction houses are typically harder to sell than brick properties as they have more defects and less structural integrity.
How long do concrete homes last?
Concrete and poured-block footings and foundations will last a lifetime, assuming they were properly built. Waterproofing with bituminous coating lasts 10 years, but if it cracks, it is immediately damaged.House Life Expectancy. FRAMING YEARS Log 80 to 200 Poured-Concrete Systems 100+ Steel 100+ Structural Insulated Panels (SIPs) 100+.
Why are concrete houses Bad?
A further area of concern in both precast concrete and cast-in-situ systems is the quality of thermal performance, which tends to be poor. A large number of concrete houses have been found to suffer from excessive heat loss, surface condensation leading to mould growth, and rainwater penetration.
