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Original poster

house not standard build... mortgage difficult to get.... what would you do?

54 replies

starlover · 14/02/2006 19:17

ok we m ade an offer on a house which was accepted.

the estate agents then spoke to our mortgage advisor and said that the house wasn't standard build as it has a concrete structure. We were never told this! maybe it's obvious, but we're first time buyers, don't know much about houses!

Anyway, we had an agreement in principle with alliance and leicester who have now said they won't mortgage this house.
Our MA has found us a lender who will, but it is a bit more expensive.

now am worried about this... what if it is a bugger to shift when we want to sell it?

OP posts:
Original poster
starlover · 14/02/2006 21:55

he says yes!

OP posts:
Original poster
starlover · 14/02/2006 21:57

now don't tell me they're super dodgy or anything! lol

OP posts:
Orinoco · 14/02/2006 21:58

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Orinoco · 14/02/2006 21:59

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Flossam · 14/02/2006 22:00

SL< can I hijack? Orinoco, we have a 100% mortgage offer but work needs to be done. Are we right in thinking that if the seller lowers the price our mortgage offer will lower also? As we can't borrow more than 100% of the house!

Original poster
starlover · 14/02/2006 22:01

thanks! you've been very helpful already! definitely put my mind at rest... i am a right worrywart, specially when it comes to parting with rather large sums of money! lol

dp is going to speak to some local surveyors tomorrow just to see what they say, but I think we'll go ahead with it (unless anything else untoward happens!)

OP posts:
Orinoco · 14/02/2006 22:02

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Orinoco · 14/02/2006 22:03

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Original poster
starlover · 14/02/2006 22:05

will do orinoco!

all this house buying business is a bit too stressful for my liking! and we've only just started.

flossam... hijack away!

OP posts:
Flossam · 14/02/2006 22:07

HSBC. So no more than 100%. I didn't realise it would be a problem to begin with.

Orinoco · 14/02/2006 22:12

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Flossam · 14/02/2006 22:23

Orinoco, I see you've gone but I'll post. We had survery report, which actually said that no action needed to be taken prior to sale, but now HSBC are saying different. We have paid fees, would be reluctant to change companies, and as we have graduate mortgage with them would not be able to get as much elsewhere iyswim. So we only have to hope seller will be agreeable.

Flossam · 14/02/2006 22:24

Sorry again SL!!

Orinoco · 15/02/2006 20:23

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Orinoco · 15/02/2006 20:23

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Flossam · 15/02/2006 20:35

Thanks orinoco. Fingers crossed. Hope things are ok with you SL.

goldstarlover · 15/02/2006 20:38

dp had to go up to London today, so didn't get a chance to call any surveyors or anything.

he is going to go into town tomorrow and speak to a few (they all seem to be situated in the same area!)

mortgage man is awaiting our yes or no on the mortgage from accord which is ready and raring to go! lol

mawbroon · 15/02/2006 20:43

I haven't read the whole thread, so sorry if someone has said this already.

I would suggest knocking on a few doors nearby and asking the neighbours who they have their mortgages with. Seems a bit nosey, but I'm sure they would understand as they will possibly have had the same problem as you are having. It is possible that your mortgage advisor only contacted enough lenders to find a company who were willing to lend on that construction type.

Some lenders will look at the overall picture rather than just the type of construction. eg if you are putting down a large deposit, they may be more willing to lend as you are seen as less of a risk. On the other hand, some lenders will not touch this property no matter what the other circumstances are.

I would hold off paying money for a more detailed survey until you have looked into this a bit further

NatalieJane · 15/02/2006 20:53

Hi

I haven't read the whole thread either, but we were in your position a couple of years ago, it turns out that there are two different types of concrete build, No fines and Lang, one or the other is good and the other is bad!!! Speak to your solicitor they will know, and if they don't then a surveyor should tell you.

Orinoco · 15/02/2006 20:53

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GeorginaA · 15/02/2006 20:57

Starlover: don't know if anyone else has mentioned this, but another thing to check is insurance premiums (although, if you're getting your buildings insurance with your mortgage company this is obviously a moot point). I know non-standard build were treated separately when I worked in insurance (although that was a while back now) - so presumably more expensive to insure?

goldstarlover · 15/02/2006 20:58

yes miaou gave me a gold star on her quiz! lol

mawbroon and natalie... thanks for the info.

orinoco one quick question actually...
we have £22k saved for deposit. Mortgage advisor got us our agreement in principle based on us having a 10% deposit which will be £17k.

This leaves us with £5k spare... is it worth us adding this on to the deposit anyway?
Or just as well to keep it and use to pay fees/do home improvements etc etc?

goldstarlover · 15/02/2006 20:59

ooh yes georginaa! I did think of that and am meant to be researching insurance online! lol

Orinoco · 15/02/2006 22:06

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Orinoco · 15/02/2006 22:08

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