Non-Standard Construction Mortgage
"I'm a Specialist Mortgage Advisor who can help your property dreams come true."
Ross McMillan
Blue Fish Mortgage Solutions
As a former estate agent of almost 15 years, I now use my vast experience, insider knowledge and access to dozens of lenders to help people like you:
- Secure the right mortgage for your circumstances.
- Successfully master the Scottish property buying process from start to finish.
- Achieve your property ambitions - however big or small
Get in touch for a no-obligation chat about how I might be able to help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Table of Contents
When you’re looking for a mortgage, finding the right one for your unique situation can be a bit of a challenge. If you’re in need of a non-standard construction mortgage, things can get even more complicated – but it’s not an impossible task. With the right knowledge and strategies, you can find the right lender and get the right deal for your non-standard construction mortgage.
So if you’re ready to learn more about this type of mortgage product and how to find the right one for your needs, then keep reading! In this post, we’ll talk about what non-standard construction is, how it differs from other types of mortgages, and some key factors that lenders consider when evaluating your eligibility for this type of mortgage. We’ll also discuss the challenges you may face and how to overcome them, and we’ll share some tips for finding the right lender and getting the most competitive deal for your non-standard construction mortgage.
BISF – Steel Frame MortgageWhat is non-standard construction in relation to a mortgage?
Non-standard construction is any type of building that does not fit within the traditional guidelines for construction. ‘Standard’ property construction would generally be one that consisted of brick walls, concrete foundations and a tiled roof. In general terms, anything that deviates from this would be deemed ‘non-standard’ by most mortgage lenders.
Examples of non-standard construction types might be:
• Concrete construction (including Dorran & Wimpey No-Fines)
• Steel framed (BISF)
• Timber framed
Can you get a mortgage for a non-standard construction property in the UK?
While many mortgage lenders in the UK will only provide finance for standard construction properties, there are a fair few that will consider non-standard construction. The terms offered by these lenders, particularly in respect of the amount of deposit that they will require to be put down can sometimes vary substantially between lenders and/or be significantly higher than those offered on standard mortgages.
As a result, it is important to obtain expert advice from a specialist broker before choosing a mortgage for a non-standard construction property.
In addition, it is important to be aware of the risks associated with non-standard construction, as this can affect both the mortgage approval process and the eventual value of the property. With careful planning and research, however, it most certainly is possible to secure financing for many types of non-standard construction property in the UK.
What factors do lenders consider when evaluating a non-standard construction mortgage application?
Non-standard construction mortgages are often seen as high-risk by lenders, as such properties can be more difficult and expensive to repair or maintain. As a result, borrowers who are looking for a non-standard construction mortgage will often need to provide a higher deposit to reduce the lenders’ risk and – in some instances – a more detailed survey or specialist report confirming the condition and sustainability, condition of the property and its construction type may be requested. By understanding the factors that lenders take into consideration when evaluating applications, borrowers can give themselves the best chance of securing the financing they need.
Speak to an expert!
Contact me, Ross McMillan, the owner of Blue Fish Mortgage Solutions today for expert advice and guidance on your unique mortgage and property needs. I will work with you one-on-one to help you find the right solution for your specific needs. With my expertise and industry connections, you can rest assured that you are in good hands when it comes to securing the financing you need for your property.
What are some of the key challenges associated with getting a non-standard construction mortgage, and how can you overcome them?
Non-standard construction mortgages can be difficult to obtain in the United Kingdom due to the unique risks involved.
As we have established, non-standard construction includes any property that is not built using traditional methods or materials and so because these homes are not built to standard specifications, they can sometimes be more difficult to insure and appraise.
Lenders are therefore often reluctant to finance properties that do not conform to traditional building standards and as a result, borrowers often have to jump through a few more hoops in order to secure funding.
One of the most common challenges is simply finding a lender who is willing to consider the specific type of non-standard construction you are considering. This can be a daunting task, as many banks and building societies simply don’t deal with this type of lending. However, there are a small number of mortgage lenders who are happy and willing to lend against the most common types of non-standard construction.
It’s important to remember that lenders will ultimately make their decision based on the value of the property and the comments of the surveyor (valuers comments), so it’s always worth taking the time to assess the Home Report in Scotland closely or across the UK get an accurate independent valuation to assess the likelihood of lending being available based on the construction type.
With careful planning, expert advice and a bit of patience, it is possible to secure a non-standard construction mortgage in the UK – even though it may sometimes take a bit more effort than usual.
How can you find the right lender and get the right deal for your non-standard construction mortgage?
Non-standard construction mortgages are a bit of a niche product in the UK, and as such, it can be tricky to find the right lender.
There are a few key things to bear in mind when looking for a non-standard construction mortgage, such as the type of property you’re looking to buy and your personal financial situation.
It’s also important to compare different lenders to see who offers the most competitive rates and what level of deposit or specific criteria will be applied so, of course, most importantly it’s a good idea to talk to a specialist mortgage broker, who will be able to give you expert advice on which lender is most likely to offer you the best deal.
Conclusion
If you are looking for a non-standard construction mortgage in the UK, it is important to be prepared for some of the key challenges involved, such as finding a lender who is willing and able to work with your specific type of property. However, by doing your research, working with an expert advisor, and taking your time when applying, it is possible to secure the financing you need.
What are the key stages of the property buying process in Scotland:
- Speak to mortgage advisor to establish and get advice on what a realistic budget for your individual circumstance might be.
- Mortgage advisor may then progress to obtain an agreement/decision in principle to give you some confidence – not a guarantee – that you could obtain a mortgage. (aka an AIP/DIP)
- Start viewings and then identify property you would like to offer on.
- Instruct solicitor to make offer. (once you’ve done sums and consulted with your mortgage advisor to double check/firm up on figures etc)
- Once offer accepted, we then look to progress the agreement in principle (AIP) to a full mortgage application.
- Legal conveyancing between both solicitors commences.
- Once mortgage offer received, solicitor could be in a position to confirm the legal bargain (aka conclude missives) which would include a definitive date of entry/settlement date.
- For the date of entry, the monies required from you (i.e. deposit) need to be in your solicitors bank account and cleared.
- Solicitor draws down/receives funds from mortgage lender to complete the purchase.
- On the date of entry get keys for your new house.
Hopefully the above information has been useful but if you have any other questions or are ready to start your own property journey now, please fill in the enquiry form and we will get in touch!
This article is intended to be a generic overview and each individual situation will need to be considered carefully, with the final decision being down to the lender.
What are the key stages of the property buying process in Scotland:
- Speak to mortgage advisor to establish and get advice on what a realistic budget for your individual circumstance might be.
- Mortgage advisor may then progress to obtain an agreement/decision in principle to give you some confidence – not a guarantee – that you could obtain a mortgage. (aka an AIP/DIP)
- Start viewings and then identify property you would like to offer on.
- Instruct solicitor to make offer. (once you’ve done sums and consulted with your mortgage advisor to double check/firm up on figures etc)
- Once offer accepted, we then look to progress the agreement in principle (AIP) to a full mortgage application.
- Legal conveyancing between both solicitors commences.
- Once mortgage offer received, solicitor could be in a position to confirm the legal bargain (aka conclude missives) which would include a definitive date of entry/settlement date.
- For the date of entry, the monies required from you (i.e. deposit) need to be in your solicitors bank account and cleared.
- Solicitor draws down/receives funds from mortgage lender to complete the purchase.
- On the date of entry get keys for your new house.
Hopefully the above information has been useful but if you have any other questions or are ready to start your own property journey now, please fill in the enquiry form and we will get in touch!
This article is intended to be a generic overview and each individual situation will need to be considered carefully, with the final decision being down to the lender.
Let's Make Things Happen.
Take The First Steps Now And Request Your Initial Discovery Call.
Request your initial discovery call by filling out your details here and I will personally be in touch within 48 hours by text, WhatsApp or email to arrange your no obligation chat!