Non-Standard Construction

Most high street lenders like to mortgage properties that are easy to value and easy to sell. This makes it easy for them if the worst should happen and they need to repossess the property. Usually this means if the house is made from bricks-and-mortar with a conventional tile roof then it’s likely you will readily get mortgage using it as security.

Unfortunately life is never that simple. You may want to buy a house that has been designated a “non-standard” construction type. Even if you have been offered the property at an advantageous price, many lenders will just decline to make a mortgage offer. It just isn’t in their rule book.
At HMS we have lenders that specialise in non-standard construction property types. The definition of non-standard is pretty vague – but here are a few examples of the kinds of property that we can get mortgages for:

• High rise flats (even if ex-local authority)
• Balcony access flats (even if ex-local authority)
• Timber framed houses
• Properties with 2 kitchens
• Flats above food shops or next to some other commercial premises
• Concrete construction (eg. Wimpey no fines, Laing Easiform
  and many other types)

Even if the property has been classed as defective you may be able to get you a great rate on a mortgage. At HMS there is no obligation and there is nothing to pay upfront. Just tell us what you know about the property and we will do the rest!

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 1.5% of the loan amount depending on your circumstances (subject to a minimum of £1,000 and maximum of £3,000). For a mortgage of £100,000 the fee would be £1,500. Early repayment charges may apply and will vary depending on the mortgage.
Adding existing debt to your mortgage will increase both the repayment term and the overall cost.