Hello,
My current fixed rate deal is coming to an end and I'm looking around for options to switch mortgage. The issue I have is that my woolaway house is being counted as something called 'non standard construction'.

Can anybody explain what this means for me?? Why does this mean that mortgage rates are higher for my property??

Any advice would be appriciated...

Thanks in advance...

Stuart

Hi,
Non standard construction means- your house is not made of bricks and mortar with a slates/tiled roof. The reason interest rates are higher is because the lenders aren't sure of the reliablity of your house as a deposit.
You can find lenders out there that specialise in non standard constructions.

Hope this helps
Priya

Hi, we are an independent mortgage brokers and have access to a variety of lenders who will allow you to fund a house of this type. You may be better off having the property repaired and then benefiting from better rates as the home would be standard construction. Please call me on 01823 323600 to discuss.

Hi ! I read this article and wondered if you could do Orlit & Whitsun Fairhurst construction

My email is

Re:Woolaway House - Can I remortgage? 1 Month, 2 Weeks ago
Hi, we are an independent mortgage brokers and have access to a variety of lenders who will allow you to fund a house of this type. You may be better off having the property repaired and then benefiting from better rates as the home would be standard construction. Please call me on 01823 323600 to discuss.
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YEs you can Stuart if you include the cost of a PRC repair. As its a non standard construction house the new repair will be considered a traditional constructed home.

Try out
http://landmarkprc.co.uk

They issue a correct 60 year gauranteed PRC certificate so you can remortgage your home without the concern. Such a repair will also add an extra 30% profit to the home. So its a win win situation!

Hope this helps!

B

Stuart wrote:
Hello,
My current fixed rate deal is coming to an end and I'm looking around for options to switch mortgage. The issue I have is that my woolaway house is being counted as something called 'non standard construction'.

Can anybody explain what this means for me?? Why does this mean that mortgage rates are higher for my property??

Any advice would be appriciated...

Thanks in advance...

Stuart

Priya9405 wrote:
Hi,
Non standard construction means- your house is not made of bricks and mortar with a slates/tiled roof. The reason interest rates are higher is because the lenders aren't sure of the reliablity of your house as a deposit.
You can find lenders out there that specialise in non standard constructions.

Hope this helps
Priya

hi Priya:

Thanks for the explanation. I was wondering how mortgage brokers would see it differently if you have a non-standard construction?