Short request: any experienced recommendations for mortgage lenders / brokers for timber framed homes?
The detail: we’re looking to buy our next project, 1500s timber 2.5 storey with mostly brick infills, plus Georgian solid brick extension - she’s in relatively great shape, but looks terrible to the uninitiated mortgage valuer when they visit to tick boxes, mostly as it’s a vacant repossession with some questionable decor and looks like a squat, which I’m sure applies a bias.
However, two high street lenders down so far due to ‘single skinned walling to a significant area’ or not adequately insulated… no mention of condition or down valuing or requiring idiots to come and recommend damp treatments, just a flat refusal to lend.
Initially I had thought it was the appearance and therefore a bridging loan could be an option until we’re in, start work and make it look habitable and furnished, but now I’m wondering if the simple fact of its construction can’t be hidden and this obviously won’t be changed fundamentally.
Scottish Windows and NatWest down so far, we have Santander valuing soon who are seen as more favourable, but we’re not too optimistic…
It may be a flat rule, just poorly applied, or maybe a sign of the times in terms of risk appetite - the irony was that NatWest offered with valuation on a previous potential purchase very recently that was of a similar construction, but lived in. And our current home is similar, if maybe less obviously timber framed and we’ve had lending form Halifax, Santander, Nationwide (twice) with not a murmur.
Any thoughts or recommendations much appreciated - we want to save this building, but struggling to fund her right now and sadly rates are climbing day by day!
The detail: we’re looking to buy our next project, 1500s timber 2.5 storey with mostly brick infills, plus Georgian solid brick extension - she’s in relatively great shape, but looks terrible to the uninitiated mortgage valuer when they visit to tick boxes, mostly as it’s a vacant repossession with some questionable decor and looks like a squat, which I’m sure applies a bias.
However, two high street lenders down so far due to ‘single skinned walling to a significant area’ or not adequately insulated… no mention of condition or down valuing or requiring idiots to come and recommend damp treatments, just a flat refusal to lend.
Initially I had thought it was the appearance and therefore a bridging loan could be an option until we’re in, start work and make it look habitable and furnished, but now I’m wondering if the simple fact of its construction can’t be hidden and this obviously won’t be changed fundamentally.
Scottish Windows and NatWest down so far, we have Santander valuing soon who are seen as more favourable, but we’re not too optimistic…
It may be a flat rule, just poorly applied, or maybe a sign of the times in terms of risk appetite - the irony was that NatWest offered with valuation on a previous potential purchase very recently that was of a similar construction, but lived in. And our current home is similar, if maybe less obviously timber framed and we’ve had lending form Halifax, Santander, Nationwide (twice) with not a murmur.
Any thoughts or recommendations much appreciated - we want to save this building, but struggling to fund her right now and sadly rates are climbing day by day!
