If you buy a standard house, it will have stone or brick walls with a tiled or slate roof. If the property you want to buy has been constructed with other materials this will be a non-standard construction. For example, after the first and second world war houses were constructed of concrete and other materials.
This was because standard materials were difficult to find thought to a be a quick and cheap way to provide housing for people who’s homes had been bombed.
Other properties with a non-standard construction include:
Wimpy no fines
Wimpy no fines homes were built from concrete, mostly between 1947 and 1977. They were built without wall cavities, so dry lining would be a solution to insulation problems. It is said that alterations and repairs to the walls can sometimes be difficult, but they are not classed as defective and therefore mortgages can be agreed on this type of property.
Timber Framed Properties
Timber framed properties are considered a risk because lenders worry about the resale value of this type of home. However, timber framed properties are popular, and it is possible to obtain a mortgage to buy one.
Flats that are above Shops
Flats above shops are deemed to be non-standard. It can be difficult but not impossible to get a mortgage. The lender will look at the type of property is below the flat and consider the retail value before making a decision.
High Rise Flats
There are some lenders that don’t like to give mortgages on flats higher than 4 or 5 storeys, apart from London where there are more possibilities. Again, it is down to the resale value of the property. If it is in good condition with a working lift there are lenders to be found. A good mortgage broker should be able to help you. If you have a good deposit this will help you.
Houses with a Thatched Roof
High street lenders may not be keen to give a mortgage on a property with a thatched roof, but smaller lenders can be found who are willing to lend. You may pay a higher rate of interest because they are seen as a higher risk than house with a tiled roof. A mortgage broker will be able to help you find the right loan for your thatched roof property.
There are other properties which come under the non-standard construction umbrella. If you find out the property you want to buy is of this type, see your broker for help.