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Mortgages for Steel Framed Houses

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Mortgages for Steel Framed Houses

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
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    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
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    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Steel Framed Houses

What is a steel or metal framed house?

The British Steel Framed House was mass-produced by the British Iron and Steel Federation (BISF) shortly after the end of the Second World War, and is one of the most common types of steel-framed houses.

Those who had been displaced from the inner cities as a result of bombing, as well as returning military members, were to be provided with quick-erectable, affordable housing.

Around 40,000 BISF houses were built under the Ministry of Works Emergency Factory Made Housing Programme after the war. In the 1920s following World War I, the Telford Steel Framed House was another well-known steel framed house.

 

When buying steel framed houses, what problems can buyers encounter?

It is often incorrectly classified as Defective Housing or Temporary Housing by prospective purchasers of BISF houses as well as other types of prefabricated post-war housing. As a whole, BISF houses are not listed in this way.  Mortgage providers may be hesitant to lend on steel framed houses due to several issues unique to them. Here are a few examples:

Construction asbestos is often found in roofs, around water tanks, and other areas that use insulation. Before you will be offered a mortgage, you will probably need to obtain a specialist asbestos report on the property you want to buy.

Unrecognized steel frame - this is a common problem that may not be discovered until a full structural survey is carried out, leading to the withdrawal of a mortgage offer. Over the years, many steel framed houses have undergone numerous additions and renovations, including cladding, pebble dash, tiling and extensions, which can all make the building appear to be made of more standard building materials than it really is.

Metal frame corrosion - rusting and corrosion can be a problem in older steel framed houses.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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