If you're considering buying a non-standard construction property in Scotland, you may be wondering if getting a mortgage is possible. Well, we have good news for you – it is! 🎉 In this post, we'll guide you through the process and provide some key information to help you on your journey.
Firstly, let's define what we mean by a non-standard construction property. These are homes that are not built using traditional materials or methods. Examples include timber-framed houses, thatched cottages, concrete panel homes, and more. While these properties have their unique charm, they often require specialist lending arrangements due to their unconventional nature.
When it comes to mortgages for non-standard construction properties, it's essential to work with lenders who specialize in this area. Not all mortgage providers are comfortable lending on such properties, but many do have specific products tailored to meet your needs. Therefore, it's crucial to research and approach lenders who understand the intricacies of non-standard construction.
To increase your chances of securing a mortgage, there are a few things you can do:
1️⃣ Seek advice from a mortgage broker or specialist who deals with non-standard construction properties. They can guide you through the process, assess your eligibility, and help you find the best lender for your needs. Experience is your greatest ally here!
2️⃣ Prepare a comprehensive package for the lender and broker, including documents that outline the property's specifications, construction materials used, any relevant warranties, and details of any maintenance or renovation work carried out. A lot of the time, the Home Report will contain all the information that is needed
3️⃣ Demonstrate that the property meets safety and building regulations. Ensure you have obtained all the necessary certifications, such as the appropriate Building Standards Certificate or completion certificate, if available. Your offer to purchase should be conditional upon this!
Remember, each lender may have its own criteria and requirements for non-standard construction mortgages, so it's important to shop around and compare offers. Be prepared to face a potentially higher interest rate or requirements for a larger deposit compared to traditional properties.
Lastly, bear in mind the future. When you come to sell, you will have found another property that you have fallen in love with and you will want to ditch/sell the non-standard one without any hassle. There is likely to be more of a limited market for non-standard construction so you may have some problems selling it or getting the price that you need. Always start with the end in mind!
So, if you've fallen in love with a non-standard construction property in Scotland, don't let financing be a barrier. With the right approach and the help of specialist lenders, you can make your dream home a reality. 💪🏡