best lenders on listed timber frames?

[k8_jose]

Hi,
We need to apply for a small mortgage for works needed on a timber frame grade listed 2 period property. We're a bit worried it wont get approved because of the risks. Anyone have any advise on which lenders are more favourable with lending in this kind of situation?

Thanks

 

[Kearn]

So it’s a property you own without a mortgage and you’re looking to borrow against for specific works??

I imagine a personal loan will be easier to find and offer better terms in this instance. A mortgage is not the right product unless I’ve missed something.

Probably a bit more info/context required…

 

[k8_jose]

We are buying the house now - we can buy in cash, but only if we know we are able to get a mortgage on it to do the works needed - which could be 100-200k.

From what I understand from initial research we wont get a loan on a 25 year term at the rate of mortgage, so need a mortgage. I'm looking for any advise anyone has on which lenders are more straightforward with old listed buildings? Sounded like lots had problems with Nationwide on here. Not sure who has better?

And any conveyancers for that matter too!

 

[TudorCottage]

If the percentage on Loan to Value is relatively low then most lenders, including the main stream ones will lend you the money.

As with old or new houses the higher the percentage gets, the trickier it gets. But that percentage of loan will be much lower than you would get on a newer house.

From memory when we bought this place my mortgage adviser said 50% and below loan to value should be fine on old listed places.

 

[Flyfisher]

Agreed. Mortgage risk for the lender generally boils down to the loan-to-value figure. From the lender's perspetive they just want to be confident they can quickly and easily recover their loan capital and costs if you default on the mortgage payments. The lower the loan-to-value figure, the lower the risk to the lender (ie the quicker and easier to repossess and sell the house to recover their losses).

There may be lenders that specialise in older properties and have slightly different risk profiles, but the above is the basic scenario.

If you're looking for a fairly high loan-to-value mortgage then it may be worth dealing with specialist mortgage brokers rather than deal with the major mortgage companies themselves.

 

[Kearn]

Ah, then I’d not buy cash, and take the mortgage you need at purchase.

We ended up with Santander, of the high street options, they’re the most lenient. But you’ll still have to play the jumping through hoops PCA and timber survey game which is a farce and needs to be dealt with in your terms not theirs.