Timber Frame Houses Mortgage

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Web Content - Timber Frame Houses Mortgage - a guide

When you’ve set your heart on the house you want to buy, unless you’re a cash buyer, the next step is finding a mortgage. Provided you have a decent deposit, a steady income and a clean credit history – all will be well, right? 

But what if your dream purchase is a Timber Framed house? A potential Mortgage Lender may have some reservations if the home you want to buy is not a standard construction property.

In recent years there has been a resurgence in the number of timber framed homes coming onto the UK property market. That’s because they’re cheap, quick to build and considered energy efficient and environmentally sustainable. 

However, they are categorised as a ‘non-standard’ type of property, along with steel frame houses and concrete-built properties.  So it’s important to talk to a bespoke Mortgage Broker that helps home buyers secure timber frame house mortgages.

Can you get a mortgage on a timber frame house?
Yes, and the good news is that timber framed buildings built after 1970 are categorised as being of ‘standard construction’ provided the outer walls are built with brick and block. 

Plus, if the house builder was issued with a National House Building Certificate, the lender should not have an issue offering a mortgage on the property.  However, providers’ lending criteria can differ.

For example, some mortgage providers won’t lend if the cavity between the frame and the cladding has been filled with insulation foam. Others will decide whether or not to offer a mortgage based on the surveyor’s comments on a Royal Institute of Chartered Surveyors (RICS) building survey.

Some lenders will only agree to lend on an 80% Loan to Value (LTV) basis and won’t offer mortgages on any timber frame construction built between 1920 and 1965. 

The bottom line is, you won’t know whether you can get a loan unless you explore which lenders offer timber frame house mortgages. This can take time.

The simplest and fastest route to securing a timber frame house mortgage is to engage a specialist Mortgage Broker.  

How do you finance a timber framed extension with a mortgage?

If you’re looking to remortgage to finance a timber framed extension, you may need to approach a specialist lender. Although timber frame extensions are cheaper, it’s important your extension will add more value to your property than it costs to build.

Are timber framed houses cheaper to build?
Yes, that’s because they’re simple and faster to construct. Some factory produced homes are erected in just a handful of days. 

Overall, a timber framed construction can take three months less to build than a conventional house. Also, because timber is lighter to handle, the construction doesn’t require heavy equipment, keeping costs low.

Are self-build timber frame mortgages available?
If you’re looking to build a timber frame home yourself and need the funding to do so, you may qualify for a self-build mortgage. An experienced Mortgage Broker will be an essential partner in helping you find the right lender.

A potential lender will be keen to understand your experience in house building and hands-on involvement in the project. You will also need to factor in site inspections and cash flow, as funds will be released in stages.

Can I get a Buy to Let mortgage on a timber framed property?

Yes, the same construction criteria applies to a Buy to Let mortgage as it does on a residential mortgage.  The lender will be more interested in whether the rental income will cover the repayments on your mortgage.

What is the lifespan of a timber frame house?

There are over 200 types of timber frame property in the UK today.  This means the lifespan of a property will depend on when it was built, the quality of materials and building standards used.  

Some houses built in Tudor times still stand strong while others built during the last century have decayed. The lifespan of a timber frame property can be determined following a building surveyor’s report. 

What are the problems with a timber framed house?
Damp, especially near bathrooms, can be an issue with older timber framed houses. Wood rot and woodworm can also cause problems in older properties as well as fire risk.

However, modern timber framed properties are built to a high standard which means Issues that would have caused problems in the past have been overcome. These include building solutions to prevent moisture penetration, rot and woodworm protection and fire retardant treatments. 

Can I get insurance for a timber frame house?
Buildings insurance on modern timber frame houses is available and competitive. Since improvements in construction and fire and damp proofing regulations have evolved, there is less risk to insurance companies.

How can Bespoke Mortgages Mortgage Brokers help me?

Having an initial discussion about timber frame house mortgages can save you a lot of time and money when it comes to finding a specialist lender.

We are experienced Mortgage Brokers for non-standard houses and work successfully with specialist lenders that offer home loans on these types of property.

We’ll carry out all the groundwork for you and liaise with the lender on your behalf so there’s less legwork for you to do. 

Call to speak to one of our experienced advisers today.

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