It describes any building that is not built from bricks and mortar think things like rural cottages made from clay or penthouses in a high rise made of steel and concrete. The term 'non-standard construction' covers a wide range of property types, from listed buildings, prefabricated steel builds, properties with concrete or glass walls, or those with thatched or eco-friendly roofing - and everything in between. Submit a form to request a call. Mortgages for Non-standard construction properties. Sign up for the latest market news, new lender product information and helpful tips and advice from our experts! Your interest rates will stay the same during the product rate period, even if the Bank of England base rate or our Halifax lender variable rates change. It may be necessary to apply for a non-standard construction mortgage if you hope to buy a property that is built out of anything other than bricks and mortar. They might be happy to offer you a mortgage in principle based on a soft credit check, but there will be a more in-depth look at your credit report when the application goes to underwriting. Buy-to-let. One of the main reasons Halifax might decline a mortgage application after valuation is because deal-breaking, were detected during the surveyor checks. The main difference is the perceived level of risk, so with non-standard constructions being seen as more high-risk, you can expect more onerous terms, including: The following building materials are considered non-standard or non-traditional for property construction: Clay lump houses are most commonly associated with Norfolk, where the material was very popular in the 19th and 19th centuries. Visit the Halifax Youtube channel. , its likely that the combined earnings of each applicant didnt add up to the full amount they need to borrow when this calculation was applied. Non-standard construction will be assessed on individual merit. A non-standard construction mortgage is a mortgage on a property that is not built with standard construction methods such as bricks and tiles. Our customers love Online Mortgage Advisor, Author: How Long Should You Fix Your Mortgage For? Finished paying off the mortgage last year. It has been recognised recently as a green building technique, which has led to something of a resurgence. email Would you prefer to work with one of our local advisers (closest to you)? Non-standard construction mortgages are more niche than a standard mortgage, and with fewer lenders around to choose from it may be even more difficult to find the right match if youre buying in Scotland. For insurance business we arrange policies from a panel representative of the whole of the market. You can get an idea of how much you could borrow and compare rates with our mortgage calculator and tools. Halifax and Barclays for example are both open to non-standard construction mortgages on a range of property types including 100% timber construction homes, thatched roofs and concrete homes. Top mortgage questions. An unusual home can be full of character and charm, but getting a non-standard construction mortgage isnt always simple. Some lenders would consider letting you borrow. Absolute Fab: I got a mortgage as an ex-bankrupt !!! As are Santander, who will also consider mortgages for converted churches and coach houses. We can help! Halifax said they wouldn't touch me because I had 2 new credit cards and late payments on my credit report. Specialist lenders are available who accommodate non-standard construction mortgages. This can take various forms. The right mortgage broker can still help you get approved, whether thats with Halifax after some re-negotiation or another mortgage lender whos a better fit for you. Recreational gambling, meanwhile, is only likely to lead to a mortgage rejection if the lender finds what they think is evidence of excessive betting. Cost of construction: 120,000 A steel house mortgage, therefore, may be difficult to secure. There are various lenders who will provide a mortgage on non-standard properties, but there will be strict criteria that differs from one lender to the next. Mils place was built in the 1500s, and they had a mortgage on that. Visit the Halifax Facebook page. Your mortgage adviser will discuss your needs and circumstances with you before recommending the most suitable mortgage for you. How strict are Halifax as a mortgage lender? If you already have a mortgage with us, you will need to complete an application for a new deal, either online or with a mortgage adviser. It really depends on your circumstances and the nature of the property in question. Our customers love Online Mortgage Advisor, Author: Towns where retirement mortgages are routine Manningtree steel framed house Brading affordable housing Bruton building materials Keswick structural risk Yes, if you think you have grounds to appeal against Halifaxs decision to decline your mortgage, you can challenge the rejection by writing to the lenders underwriting team. Mortgages for a property of unusual construction | moneyfacts.co.uk Tax and equity release explained How to find lost pensions Annuities vs drawdown - which is right for you? 981 Sq. Having a broker who understands the Scottish market as well as having specific experience of non-standard construction mortgages will help you find the best deals. What is a non-standard construction mortgage? If the property is leasehold, then you will own a temporary right to occupy the property and the land its built on. The lower your LTV, the better rates you will be able to negotiate. Shared ownership schemes are usually offered by registered social landlords or local authorities. If youre looking to buy a high rise flat, a lot of lenders have limits on the number of storeys in the building. Yes you can. And it won't impact your credit score. Helped us understand the process and gone over and above to help in a difficult situation. We'll also consider an application to buy a property that you want to rent out to someone else. Home Mover Mortgages. We have a strong understanding of all types of construction and we know the lenders that are more likely to be sympathetic to them. Other issues which may come up during the surveys, such as the property being built on contaminated land or near a mineshaft, might have an impact but Halifax will likely consider the severity of it on a case-by-case basis after all of the facts have been weighed up. At a later date, when you can afford to, you can buy the remaining 25% from the builder at a cost of 25% of the value of the property at that time. Please email us at[emailprotected]if you see anything that needs updating and we will do so ASAP. In fact, they prefer customers with at least two years accounts. Onlinemortgageadvisor.co.uk is an information website all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up-to-date information on all things mortgages. The most you can borrow is linked to the amount of rental income we think you could earn. Getting a mortgage in Scotland is a very similar process to in England and Wales, but its worth noting that overall there are fewer lenders offering mortgages in Scotland and some of them impose postcode restrictions, making it harder to get mortgages in some areas of the country than others. As an ex-bankrupt with a qualified Annulment I had to take several bridging loans to cover my debt. Can you get a non-standard construction mortgage in Scotland? However, depending on the severity of the issues, they have been known to reject borrowers with CCJs, IVAs, mortgage arrears and even discharged bankruptcies. 102 Blue Ridge Cir, Harrisburg, PA is a apartment home that contains 1,284 sq ft and was built in 2004. Your outgoings may also have been factored into the equation, especially if you have other substantial financial commitments. A non-standard construction mortgage is, as the name suggests, a mortgage specifically for properties that arent of standard construction i.e. I've recently being trying to remortgage on a BTL and really struggling to find a lender. Approved Lender Advise of Fraudulent, False and Misleading Information; Contact mortgage loan insurance; Insured Mortgage Purchase Program (IMPP) COVID-19: CECRA for small businesses has ended; Securitization. If you're concerned or confused about what to do next, Get In Touch and we'll match you with a Specialist who'll give you the right advice for you and your circumstance. Mon - Fri 8am - 5pm. Non-Standard House information and resource site. Questions? Online Mortgage Advisor is a trading name of FIND A MORTGAGE ONLINE LTD, registered in England under number 08662127. It might be that there is work you can do in the meantime to reduce the structural risk and make the property more sellable, such as reinforcing steel frames. We currently only offer this type of mortgage if you are applying through a mortgage broker. The difficulty with non-standard construction mortgages is that the property type and construction can be so different from one home and another that its hard to apply the same criteria across the board. Make a quick online enquiry now and well assess your situation and match you with a specialist broker who can help. If you'd prefer to wait until we're open again, call 0808 189 2301 between 9am and 6pm Mon - Fri. By continuing to browse our site you consent to our use of cookies. If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. Halifax are likely to reject your mortgage application if the income youre declaring came from gambling, but there are specialist lenders who offer bespoke mortgages for pro gamblers. The lender specifies that self-employed applications must have at least 12 months trading under their belt before they can be considered for a mortgage. In Scotland (except in rare cases where there is a form of long lease known as a 'tack') all properties are owned outright by the 'registered proprietor'. Whatever needs to happen to get your mortgage over the line, whether thats a re-negotiation, an appeal or a fresh application with a different lender, using our free broker-matching service will increase your chances of a successful outcome , You are self-employed with just one years accounts, You want to borrow more than 4.5x your salary, Youre purchasing a non-standard property, You are classed as having higher appetite for risk eg: gambling, With the exception of first-time buyer products that Halifax, , the lender typically offers residential mortgages with a maximum loan-to-value (LTV) ratio of 85%, which means youll need a, For most residential mortgage borrowers, Halifax cap their lending at 4.75 times the applicants income. 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