Non Standard Construction

Most lenders have guidelines on the kinds of property that are acceptable security for a mortgage. Generally lenders want to make sure that the property is readily saleable and isn’t likely to have any serious defects in the construction. This tends to favour traditional brick and tile houses. The following are a few examples of the kinds of thing some Lenders may find unacceptable or that may require special conditions on the advance:

• High Rise Flats (especially ex local authority owned)
  
• Steel or Timber Framed properties
  
• Those designated as defective under the 1985 Housing Act
  
• Farms and smallholdings
  
• Flats above shops (especially fast food restaurants)
  
• Flying freeholds
  
• Leaseholds with only a short time remaining on the lease
  
• Shared ownership
  
• Mobile homes and house boats
  
• Special Construction Mortgages

• High rise flats even if council owned
  
• Flats above shops or other business
  
• Timber and steel framed