Single-Skin Construction Mortgage

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Single-Skin Construction Mortgage

Single-Skin Construction Mortgage

Xavier talks us through the mortgage process for single skin construction properties.

What is single skin construction, for those that are not aware?

Single skin construction refers to a building that’s made with a single layer of material, with no additional insulation. This is different to the modern standard, which is for buildings to have cavity wall insulation where there are two layers of brick and a gap in between. It’s a form of non-standard construction.

How can you tell if a house is non-standard construction or not? Can you see from the outside?

If the building isn’t built of brick or stone, with a slate or tiled roof, that’s generally the main giveaway. But it’s not always that easy to spot.

It should be disclosed by the estate agent that’s selling the property, though. They should tell you that it is classed as non-standard construction and what it’s made out of.

If you’re still unsure, for your own peace of mind you can instruct a Royal Institute of Chartered Surveyors (RICS) survey, which will tell you all about the property, what it’s built from and any risks involved.

Does it matter what type of single brick construction I’m buying for a mortgage application?

Yes, definitely. It’s always good to give all the information upfront to an advisor, because we can then check with lenders. Each one has specific criteria for different types of properties, and different risk appetites.

Some might be willing to take on certain properties, whereas other lenders may not. It definitely does matter, and it’s important to let your mortgage advisor know upfront.

If you don’t know in advance, it’s something we’ll research when we look into everything for you, so it should get picked up before we apply.

Can you get a mortgage on non-standard construction if it is single skin construction?

Yes, but every lender is slightly different. Some might be a bit more lenient in the rates and products you have access to.

You can get mortgages on these properties. I would encourage people not to be put off if they find out a property they like is non-standard construction. Just speak to a mortgage advisor and check it over, rather than assuming it can’t be can’t be mortgaged.

What is the deposit for a non-standard construction mortgage, and specifically single brick or single skin construction?

People understandably want to know how much of their own money they need to put down. It’s always a popular question. But again, there is no single answer here as every lender is completely different.

Some lenders are more lenient and have more of an open attitude to risk. They might require a lower deposit, whereas other lenders might require more.

Speak to your mortgage advisor. We can check for you and let you know what deposit size would be required – because it will differ from lender to lender. We will research that for you based on your own requirements, and also the specific property that you’re buying as well – in this case, a single skin construction.

What are the eligibility rules about single brick property mortgages?

Again, it will vary from lender to lender. We’ll check over all the initial requirements. We’ll see if there are any warranties that lenders need in place, or any types of insurance you’ll specifically need for one property.

The right thing to do is speak to your advisor and we can let you know if there are any eligibility rules that you’re not meeting. The criteria does vary a lot, but we will be able to walk you through that.

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We can advise how much you can borrow, find the most suitable lender and have that Decision in Principle in place. Then, when you do make an offer on a property, you’re ready to go.

Are there any advantages to buying a building constructed with a single skin?

There are always pros and cons. The main advantage is that it can be more cost-effective. It can be cheaper to build a property with a single skin, because a lot less materials are involved and they are usually quicker to build.

If you’re having a property built for yourself and you’ve got a time constraint, it can be a lot faster to build properties of single skin construction.

They also can be quite advantageous in warmer climates. That may not be so relevant in the UK, because obviously we’re not blessed with the same warm weather as other countries. Due to reduced insulation, these homes don’t keep all of the heat in, making them cooler.

There are definitely some advantages, but obviously it depends whether those meet people’s criteria and goals. For some people it’s advantageous, and for others not so much.

Is it worth buying non-standard construction – with single skin in mind?

It’s really a matter of opinion, to be honest. As I just touched upon, some of the pros will suit some people, but not others. It really depends on your own circumstances and preferences.

The most important piece of advice is to speak to your advisor to get the pros and cons. You can then weigh those up and make an informed decision. It’s always right to make a decision based on all the facts.

Is it hard to sell a non-standard construction house, or a single skin property?

It would be unfair to say that all non-standard construction properties are hard to sell. It will differ from property to property and depends on many different factors.

If you’re selling to someone who’s buying in cash, for example, they don’t need to abide by the lender’s criteria so it might be more flexible. But most people will be buying with a mortgage and require finance. It can be harder to sell non-standard construction houses across the board.

It may also be more difficult or more expensive to insure them, which may put some people off, and again make it harder to sell. Again, this will differ from property to property.

Not all properties can be put under the same roof – excuse the pun! Lenders may view some properties as per normal policy, even though they might officially be classed as non-standard construction. Others may be seen as fully non-standard. It’s hard to explain, as every situation is unique.

How can a mortgage broker help with a single skin construction mortgage?

It’s really important to speak to a mortgage advisor because there are so many different lenders out there. One will often be more suitable for a certain person, or one type of property, compared to another.

Your mortgage advisor can talk to the lenders and check their criteria to ensure that both yourself as the applicant, and the property in question, have the chance of being accepted.

Given the different stance that lenders can take, we can check everything over for you in advance to give you maximum certainty of being accepted. It’s never 100% certain, but we can give you as much confidence as possible.

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.