Concrete Construction Mortgage
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Concrete Construction Mortgage
Joe Nicholls talks to us about mortgaging a concrete construction property.
Can you get a mortgage on a concrete house? Is it harder to get a mortgage on a house made with concrete?
Yes, you can generally get a mortgage at a concrete house, but it may be slightly more challenging than a traditional brick and mortar property.
What are the different types of concrete construction properties?
Concrete construction properties can vary in their composition and construction methods. Examples of common types are precast concrete, where concrete elements are cast off-site in a controlled environment, and then transported to the building site for assembly.
Cast-in-place concrete is pulled directly into forms on-site and allowed to harden.
Prestressed concrete is cast around steel wires or cables that are tensioned to increase the strength of the structure.
Reinforced concrete is reinforced with steel bars or mesh to improve its tensile strength and durability. And a final example is concrete block where blocks of concrete are stacked and mounted together to form walls.
Can you get a mortgage on a concrete ex-council house?
Yes, you can generally get a mortgage on a concrete ex-council house. However, it’s important to note that lenders may have specific requirements for non-standard construction properties such as concrete houses.
Lenders will look at the age of the property because older concrete properties may require more thorough inspections. This is to ensure that the property is in good condition and properly maintained. Also, some types of concrete construction may be more difficult to finance than others.
What about refurbished concrete properties?
You can potentially get a mortgage on a refurbished concrete property. However, similar to other non-standard construction properties, lenders may have specific requirements for refurbished concrete properties.
Lenders may want to see evidence that the property has been properly refurbished and that any structural issues have been addressed.
What are the advantages and disadvantages of concrete properties?
The advantages of concrete properties include durability. Concrete is a highly durable material, resistant to fire, pests and moisture. This can lead to lower maintenance costs and longer lifespan for the property.
Concrete is also a good sound insulator, reducing noise from the outside and between rooms. Concrete can be moulded into various shapes and forms, allowing for unique architectural designs. Strength is another advantage. Concrete is a strong material, capable of standing high winds, earthquakes and other natural disasters.
Some examples of the disadvantages of concrete properties include cost. Concrete construction can be more expensive upfront compared to traditional building materials like wood.
While generally low maintenance, concrete may require occasional repairs for cracks or moisture damage. The aesthetics can also be a disadvantage – some people may find the appearance of concrete less appealing than other materials.
Thermal conductivity can also be a downside, as concrete can be cold in the winter and hot in the summer, requiring additional insulation. Finally, concrete homes may be less common, potentially affecting resale value in some markets.
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Are non-standard concrete properties more expensive?
Non-standard concrete properties can be more expensive to purchase and maintain than traditional brick and mortar homes. Concrete construction itself can be more expensive than traditional methods, especially for specialised techniques like precast or prestressed concrete.
While concrete is durable, it may require specialised maintenance and repairs, which can be more costly than maintaining traditional materials.
Insurance for non-standard construction properties can be more expensive due to the perceived higher risk associated with these properties. And non-standard concrete properties may be less common, potentially affecting a resale value in some markets.
Do many lenders accept this concrete construction property? What eligibility criteria do I need to meet?
The number of lenders accepting non-standard concrete properties is limited compared to traditional brick and mortar homes. This is because they are considered higher risk due to potential maintenance and resale concerns.
Lenders may require a larger deposit for non-standard properties to offset the higher risk. The property will need to be appraised by a qualified valuer who specialises in non-standard construction. A thorough building survey may also be required to assess the property’s condition and identify any potential issues.
For those looking at a concrete construction property, how can a mortgage broker help?
A mortgage broker can be invaluable. We have access to a wider range of lenders, including those who specialise in non-standard construction mortgages. A mortgage broker can help you gather the necessary documentation and navigate the application process while also advising on the lowest cost mortgage product available to you.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £99 to £549, and this will be discussed and agreed with you at the earliest opportunity.
Asset Harbour Mortgage & Protection Ltd trading as Asset Harbour Mortgage & Protection are an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
