If you are purchasing a property that isn't standard brick and tile construction you may find that your chosen lender is not happy to offer you a mortgage. Lenders always want to be sure that if for any reason they are forced to repossess the property, they are able to sell it to repay the outstanding mortgage debt quickly. This can be more difficult with non standard construction or non traditional properties.
Endsleigh Financial can source mortgages from lenders who are happy to provide mortgages for steel frame construction, self build or simply non standard properties. Use the banner at the top of the page to get an immediate review of your mortgage requirements.
In order to decide whether or not to offer a mortgage to a client, lenders assess the following:
- The borrower's ability to maintain mortgage repayments
(income, expenditure, credit commitments, credit history etc)
- Whether the property is acceptable security against
which to secure a mortgage.
Non standard or traditional property types that many lenders do not like to lend against include;
- Properties with Flying Freeholds - i.e. a part of your property
extends into another property - e.g. your bedroom is above
your neighbour's kitchen
- High rise flats - especially if the flats have balcony access
and there are more than 5 storeys in the block
- Ex local authority flats - particularly when some flats in the block
are still local authority owned
- Flats above shops
- Steel framed construction or timber framed properties
- Non standard or non traditional build property
It is possible to find mortgage lenders who are prepared to offer mortgages on all of the above non standard mortgage scenarios. Complete our quote form now for an immediate mortgage review. Our advisers are all fully CEMAP qualified and have a wealth of industry experience with non standard mortgages.
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