Wimpey No Fines – Concrete 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.
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Table of Contents
Whilst getting a Wimpey No Fines – concrete construction mortgage for a property can be confusing and somewhat more challenging than getting one for a traditionally built property, it is certainly not impossible.
There are many different types of concrete properties potentially available and getting a mortgage for these types of properties might seem like an overwhelming task so to increase your chances of getting approved it is important to do your research and work with a specialist broker who can help you navigate the process. Rest assured that with the right planning and preparation, you can get the mortgage that you need to make your dream home a reality.
What are the most common types of concrete construction properties in the UK?
Wimpey No Fines is possibly the most common type of concrete construction in the UK and examples can be found across many areas of the country. It was was used extensively from the 1940s in both domestic and commercial construction up until the late 1960s. Using no-fines concrete, the outer structure of the house was cast in situ rather than being prefabricated. As was the case with many other forms of non-standard construction, Wimpey No Fines construction was designed to enable swift and relative cheap building of properties to fulfil increased demand following the Second World War.
Laing Easi-Form is another very common form of concrete construction which is similar in how it was used and constructed and often linked or associated to Wimpey No-Fines
Of all the concrete construction types Wimpey No Fines is typically the one which most lenders are generally comfortable with subject to valuers comments.
Other types of concrete construction you may come across are:
- Dorran
- Woolaway
- Reema
- Orlit
- Airey
These are largely based on systems of precast reinforced concrete (known as PRC) which means that they can be difficult to insulate and heat and therefore are known to experience severe damp, condensation and other related structural issues. As a result, many lenders consider these properties unmortgageable unless they have undertaken substantial repair work and obtained a PRC Certificate of Structural Completion or similar documentation to evidence this.
Can you get a Wimpey No Fines – Concrete Construction mortgage on a property in the UK?
The answer is yes – it is possible for you to get a mortgage on a concrete construction property in the UK.
However, it is important to speak to a mortgage advisor to find out if there are any special conditions or requirements that need to be met and crucially – as outlined above – the specific type and condition of the property construction you are considering.
For non-standard construction of any type, some lenders as well as additional specialist reports and stricter criteria may also require a higher deposit for this type of property.
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.
Why can it be more difficult to get a mortgage on a concrete construction property than for a traditionally built one?
Mortgage providers may be more cautious when lending on properties built using concrete, as they are often more difficult to value and resale can be an issue.
Concrete construction homes may be less desirable to buyers as they can sometimes be difficult and expensive to modify or repair and future lending options may not be guaranteed or available to everyone.
In addition, insurance can also be more expensive for concrete construction properties, as due their non-standard construction they can often be classified as higher risk.
This type of construction however can also represent an exciting opportunity to obtain a sizeable property beyond what your budget may otherwise be able to obtain in a traditional build. As a result, it’s important to speak to a mortgage advisor to get the facts and consider all the pros and cons before making an offer on a concrete construction property.
What specific eligibility criteria is likely to be considered as part of any mortgage application for a concrete constructed property in the UK?
When applying for something like a Wimpey No Fines – concrete construction mortgage on a property in the UK, there are some key eligibility criteria that will be considered. Firstly, the style of property will be taken into account – is it a flat, a bungalow or a house?
The year the property was built may also be important, as methods of construction and their perceived durability have changed throughoiut the decades and this can have a significant bearing on how a lender will assess the viability of any mortgage.
The height of the property may also be another factor – taller buildings, specifically flats of certain storey height, are often seen as riskier and so some lenders may be hesitant or unwilling to provide financing for them.
Finally – as with any mortgage application – your personal circumstances, credit report, deposit funds available and income will of course also be taken into consideration.
What kind of survey or additional reports may be required to obtain a mortgage in the UK for a Concrete Construction – Wimpey No Fines Construction property?
For a Concrete Construction/Wimpey No Fines Construction property, there are a few types of surveys and additional reports that may – in some instances – be required by the lender.
These types of properties were generally built in the mid-1900’s and were designed to be cost-effective and very quick to build. As a result of the speed of construction and materiasl used, concerns around their longevity, maintenance and sustainability can be of concern to a lender and therefore could affect any mortgage application process.
A standard mortgage valuation report (Home Report In Scotland) will be required initially to assess the property’s value and suitability for lending purposes. This report should highlight any significant defects that could affect the value or safety of the property, including any issues with the construction method.
If this initial report indicates cause for concern or a need for further investiagtion then it may be recommended and required that a specialist survey is carried out by a qualified engineer or surveyor with expertise in concrete construction and Wimpey No Fines Construction properties. This structural report would be attended to assess the overall condition of the property, specifically around the construction materials and identify any potential issues that may need addressed or inhibit the near and long term mortgage worthiness and resale value of the property.
Of course, the exact requirements for surveys and reports may vary substantially between lenders, and so it is important to work with and seek advice from a specialist mortgage broker to determine the specifics for your situation.
Conclusion
There are a number of factors that need to be considered when applying for a Wimpey No Fines – Concrete Construction mortgage on a property constructed in this way in the UK. While it can often be more challenging than getting a mortgage on a traditionally built home, with some research and careful planning it is possible to find suitable financing for your needs. It’s important to work with an experienced mortgage advisor who can help you navigate the various requirements and eligibility criteria that need to be met.
Looking to get a mortgage on a concrete construction property in the UK? Contact Blue Fish Mortgage Solutions today for expert advice and guidance on your unique financing 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. Get in touch today to learn more!
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.
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