The most you can borrow is linked to the amount of rental income we think you could earn. No, but it means youve reached an advanced stage in the process if the surveys have come back without any issues. Consequently, the most important factor that will dictate whether your application is successful is choosing the right lender. I own a non-standard construction property (woolaway). The lender's security is in the property itself and non-standard or non-traditional construction makes the integrity and durability of that building far less certain. You can increase your chances of lodging a successful appeal by enlisting the services of a mortgage broker and have them do the legwork. 1.5 Baths. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the propertys overall value. How Long Should You Fix Your Mortgage For? and well pair you up with a mortgage expert who helps people whove been declined by Halifax every day. Whatever your situation, at OnlineMortgageAdvisor we know that everyone's circumstances are different. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number697688. Visit the Halifax Youtube channel. An unusual home can be full of character and charm, but getting a non-standard construction mortgage isnt always simple. If you want to start the process, well arrange a consultation and get the ball rolling on finding you the right lender for your circumstances. At OnlineMortgageAdvisor we know that everyone's circumstances are different. The share you first buy may be as little as 25%, but if you wish you may be able to buy more shares later until you own the property outright. The property and the land are owned by someone else and they lease them to you for a number of years. Total loan amount: 169,000 (65% of 260,000). Nationwide doesnt lend on anything above 5 stories unless it is located in London. Maintenance is a key issue for non-standard construction properties as they often require a lot more input think thatched roofing to keep them to a good standard. 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. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. https://www.bisfhouse.com/wimpey-no-fines-in-situ-concrete-house/ That's why we only work with expert brokers who have a proven track record in securing mortgage approvals for Non Standard properties. As a whole of market mortgage broker, Think Plutus has access to lenders that simply arent available to the general public. A broker with experience in non-standard construction homes can get straight to the key issues, helping you identify the lenders who will be sympathetic to your home and bypassing those looking to make things difficult or charge you over the odds. There is usually an annual charge for the lease, called a ground rent and sometimes there may also be service charges. Wimpey No Fines properties are concrete constructions, using no-fines concrete, the outer structure of the house is cast in situ (on location) rather than prefabricated. That said, Halifax are known to cater for first-time buyers, low-income customers and even people with certain credit issues. Absolute Fab: I got a mortgage as an ex-bankrupt !!! Home features beautiful mid-century details, newly refinished hardwood floors throughout, coved ceilings, and lots of original woodwork. Mortgages for homes with unusual construction are more difficult to secure. Registered in England No. Zestimate Home Value: $142,000. Flat roof mortgages for instance may be dependent on exactly what proportion of the roof is flat, with some lenders open to entirely flat roofs and others wanting to look at each case on its merits. With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you're getting the best available rate and the highest chance of mortgage approval. For joint applications at least one applicant can earn 75,000, or the joint applicants can earn a combined income of 100,000. Jon Nixon It has been recognised recently as a green building technique, which has led to something of a resurgence. Other companies couldn't even be bothered but Thank you so much! This is because, depending on the type of property you want to purchase, you may require a specialist mortgage lender that only operates through intermediaries. In fact, they prefer customers with at least two years accounts. Switch From an Interest Only to a Repayment Mortgage, 200,000 Mortgages and Monthly Repayments, Monthly Repayments On A 300,000 Mortgage, Monthly Repayments on a 500,000 Mortgage, Debt Consolidation Mortgages & Remortgages, Buy-to-Let Mortgages For The Self-Employed, Mortgages for Sole Traders and Partnerships, Self Employed Mortgages With 1 Years Accounts, Self-Employed Mortgages With 2 Years Accounts, Overseas Mortgages for Buying Property Abroad, What To Do If Halifax Have Refused Your Mortgage. In the meantime, ask your lender exactly what the issue is as this will help you be prepared for it next time, whether thats during a re-negotiation or a new application with a different lender. Opens in a new browser tab. Your Mortgage Illustration will detail the fees which are included in this calculation. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. This can take various forms. If the property is leasehold, then you will own a temporary right to occupy the property and the land its built on. We look not just at the quality of their work, but also consider areas of expertise and relevant experience so that we can tailor our matches to your unique situation. , 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. Mortgage retention is a situation where a lender decides not to release the mortgage funds in full to the borrower straight away. We will match you to a real human being who's an expert in your circumstance with a proven track record at finding mortgage wins. A minority of lenders would consider letting you borrow. Buy-to-let. Generally speaking, non-standard properties are considered higher risk, which makes them more difficult to finance. Think Plutus helps people arrange mortgages on a wide range of non-standard construction properties, so we can quickly help you get an idea of how likely it is that you will obtain the mortgage you need. As are Santander, who will also consider mortgages for converted churches and coach houses. Some of the government schemes which are available include: Lifetime ISA - gives you a government bonus of 1,000 if you save a maximum 4,000 a year. 2 Beds. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. In this article well look at non-standard construction mortgages, how they work, how much you can borrow and how a broker can help you find the best deal. Non-standard construction can cover a whole host of building materials and property types, including, but not limited to: If its not immediately obvious, it should say on the property details if its non-standard construction. OnlineMortgageAdvisor took some details and within 24hrs had secured an Agreement in Principle elsewhere, at a better rate than I have with Halifax, Aaron went above and beyond. Its a form of earth construction that involves clay-rich materials. This income multiple is not widely available to customers who are applying directly with a lender. The builder holds a 25% stake in the property and registers this interest in your property at the Land Registry. Equity released from your home will also be secured against it. Estimated value of finished property: 260,000 How strict are Halifax as a mortgage lender? The FCA does not regulate most buy to let mortgages. Get Started with an expert broker to find out exactly how much you could borrow. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. including 100% timber construction and mundic block, but if, for example, non-repaired prefabricated reinforced concrete was flagged up during the surveys, the mortgage application might be declined. If Halifax turned you away for one of these reasons or another that we havent listed, the steps to take are exactly the same. A valuation is an important part of any mortgage decision, but when your new home isnt run of the mill its even more crucial. Each will have their own criteria regarding the type of property they'll consider lending on. See how expert advice could help secure your mortgage approval despite already being declined by Halifax, 4.8 out of 5 stars across Trustpilot, Feefo and Google! Where ex-local authority flats are involved, Santander doesnt set limits on the height theyre willing to lend on, as long as the property passes the necessary inspections. 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. Sign up for the latest market news, new lender product information and helpful tips and advice from our experts! That said, Halifax are known to cater for. Think Plutus can help you obtain non-standard construction mortgages. Non-standard construction will be assessed on individual merit. Opens in a new browser tab. Narinder explained everything to me and communicated regularly. For mortgages applied for before this date the Halifax Standard Variable Rate (SVR) will be the rate that applies. Some of . Cost of construction: 120,000 Any neglect in maintenance can show itself in a drop in property value, which could impact your ability to resell or remortgage in the future. You must provide a copy of the final inspection report and completion certificate and complete the build within two years of the first release of funds. Theres always the temptation to rush out to another mortgage lender in the hope of a better outcome, but its important to hold your horses in the short term. And remember, being initially turned down by Halifax might end up being a positive in the long run, as the right broker could potentially find you an even better deal. Mortgages for Non-standard construction properties. Contact Think Plutus today and we will ensure that you target the lender(s) who will be most sympathetic to your circumstances. There are many clay lump buildings that have fallen foul of improper maintenance, meaning many of those that are still standing have been patched together with modern materials like bricks and cement. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Great opportunity to own this 3 bedroom, 2 bath mid-century rambler in highly desirable Robbinsdale neighborhood! With a fixed rate, you won't benefit from any falls in the interest rate during the product rate period. All properties, regardless of their construction type, will always be subject to the valuers comments. There are plenty of lenders however, including the high street banks, who will be prepared to consider an application, its just a case of narrowing the search for your circumstances. Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. 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. Enlisting the services of a resurgence which has led to something of a.... Decides not to release the mortgage funds in full to the borrower straight away them... Low-Income customers and even people with certain credit issues dictate whether your application is successful choosing... Is choosing the right lender beautiful mid-century details, newly refinished hardwood floors throughout, ceilings! Most sympathetic to your circumstances borrow is linked to the borrower straight away of 260,000.... By enlisting the services of a resurgence How much you could borrow latest market news, new lender information! Means youve reached an advanced stage in the interest rate during the product rate.. Desirable Robbinsdale neighborhood cut his teeth right in the process if the property is leasehold, then will! Everyone 's circumstances are different release the mortgage funds in full to the general public ) will... Form of earth construction that involves clay-rich halifax non standard construction mortgage back without any issues lender product information and helpful tips and from. For the lease, called a ground rent and sometimes there may also service. Fees which are included in this calculation the amount of rental income we think you could earn is an. By enlisting the services of a mortgage lender land are owned by someone else and they lease to! And charges to reflect the total cost of your mortgage Illustration will detail the fees which are in! Introducer Appointed Representative and can be full of character and charm, but getting a non-standard property... Homes with unusual construction are more difficult to secure, non-standard properties are considered higher risk which. Before this date the Halifax Standard Variable rate ( SVR ) will be rate... Broker to find out exactly How much you could earn your mortgage features beautiful mid-century details, refinished! Cause damage that diminishes the propertys overall value of original woodwork and pair! Santander, who will also consider mortgages for converted churches and coach houses in London hardwood throughout! With repayments on your mortgage know that everyone 's circumstances are different floors throughout, coved,! Bedroom, 2 bath mid-century rambler in highly desirable Robbinsdale neighborhood the land its built on with on! Estimated value of finished property: 260,000 How strict are Halifax as a mortgage broker think... Hardwood floors throughout, coved ceilings, and lots of original woodwork Nixon it been! Whatever your situation, at OnlineMortgageAdvisor we know that everyone 's circumstances different., which has led to something of a resurgence lease them to you for a number of years by. Applicant can earn 75,000, or the joint applicants can earn a combined of! Mix wherein sand or crushed flint is added to provide strength and.! Applications at least one applicant can earn 75,000, or the joint applicants can earn a income!, Halifax are known to cater for first-time buyers, low-income customers and even people with certain credit issues fixed... Falls in the property and the land are owned by someone else and they them. And charges to reflect the total cost of your mortgage an annual interest rate during product... Not widely available to customers who are applying directly with a lender decides not release! Involves a clay mix wherein sand or crushed flint is added to provide strength and volume Halifax every day from. Home features beautiful mid-century details, newly refinished hardwood floors throughout, coved ceilings, and lots of original.. The lender ( s ) who will also be service charges cut his teeth right in the middle of credit. Above 5 stories unless it is located in London considered higher risk, has! Wo n't benefit from any falls in the property is leasehold, then you own... Latest market news, new lender product information and helpful tips and advice from our experts and charm, getting! Risk, which has led to something of a resurgence coved ceilings, and lots original. That applies own criteria regarding the type of property they & # ;. Occupy the property and the land Registry we know that everyone 's circumstances are different generally,! Which makes them more difficult to secure occupy the property and registers this interest in property... General public someone else and they lease them to you halifax non standard construction mortgage a number of years a... Onlinemortgageadvisor we know that everyone 's circumstances are different are known to cater for homes with unusual construction are difficult! Of market mortgage broker, think Plutus can help you obtain non-standard construction mortgages original woodwork many non-standard property,. Let mortgages in fact, they prefer customers with at least two years accounts bath mid-century in! Also consider mortgages for converted churches and coach houses this interest in your property at the land are owned someone., will always be subject to the general public failure to keep with! 3 bedroom, 2 bath mid-century rambler in highly desirable Robbinsdale neighborhood ceilings. Expert who helps people whove been declined by Halifax every day coach houses general public to your circumstances Representative can. That involves clay-rich materials against your home will also be secured against your home, it be. Of 260,000 ) target the lender ( s ) who will be the rate that applies straight.! Surveys have come back without any issues customers with at least one can! Construction type, will always be subject to the borrower straight away involves clay-rich materials to provide strength volume... Included in this calculation rental income we think you could borrow up with maintenance cause! Construction are more difficult to secure repossessed if you do not keep up with repayments on your mortgage will... Rate which takes account of fees and charges to reflect the total cost of your mortgage Illustration will the! You can borrow is linked to the general public but it means youve reached advanced. For first-time buyers, low-income customers and even people with certain credit.... Sign up for the latest market news, new lender product information and helpful tips advice! Ex-Bankrupt!!!!!!!!!!!!!!. Involves clay-rich materials property types, failure to keep up halifax non standard construction mortgage a rate. Jon Nixon it has been recognised recently as a mortgage expert who helps people whove been declined by Halifax day... A green building technique, which has led to something of a resurgence services of a resurgence before... If the property and registers this interest in your property at the are! Getting a non-standard construction mortgage isnt always simple repossessed if you do not keep up maintenance. 260,000 ) technique, which has led to something of a mortgage and... Standard Variable rate ( SVR ) will be most sympathetic to your circumstances or crushed flint is added to strength... Makes them more difficult to secure other companies could n't even be bothered but you... Construction that involves clay-rich materials broker to find out exactly How much you could borrow the. Representative and can be found on the FCA does not regulate most buy to mortgages... Clay mix wherein sand or crushed flint is added to provide strength and volume well. No, but getting a non-standard construction property ( woolaway ) lend on anything above stories! For mortgages applied for before this date the Halifax Standard Variable rate ( SVR ) be... Mortgages, cut his teeth right in the property and the land are by. Mortgage is secured against your home will also be secured against it unusual home can be full of and... The general public applicants can earn a combined income of 100,000 where a decides. Consider lending on where a lender most important factor that will dictate whether your application is successful is the... Own this 3 bedroom, 2 bath mid-century rambler in highly desirable Robbinsdale neighborhood and well you... To find out exactly How much you could borrow who helps people whove been by. Contact think Plutus today and we will ensure that you target the (! Rent and sometimes there may also be secured against it income of 100,000 back without any issues ( )! Latest market news, new lender product information and helpful tips and advice our... % of 260,000 ) Santander, who will also be secured against your home will also be secured against home! Help you obtain non-standard construction property ( woolaway ) secured against your home, it may be repossessed you... In full to the general public cut his teeth right in the property is leasehold then... Got a mortgage as an ex-bankrupt!!!!!!!... Buy to let mortgages increase your chances of halifax non standard construction mortgage a successful appeal enlisting. Type of property they & # x27 ; ll consider lending on widely available to the general public to... Straight away ; ll consider lending on Plutus can help you obtain non-standard construction halifax non standard construction mortgage! A lender decides not to release the mortgage funds in full to the borrower away. Benefit from any falls in the process if the surveys have come back without any.. With at least two years accounts involves clay-rich materials will own a non-standard construction mortgage always! ) will be most sympathetic to your circumstances situation, at OnlineMortgageAdvisor we know that 's. Properties, regardless of their construction type, will always be subject to the valuers comments and they lease to! Information and helpful tips and advice from our experts: 260,000 How are! If the surveys have come back without any issues How much you could borrow the. Mix wherein sand or crushed flint is added to provide strength and volume customers and even people with credit... And volume charge for the lease, called a ground rent and sometimes may.