Mortgages for Timber Framed Houses
Best Mortgage Rates
Mortgages for Timber Framed Houses
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Mortgages for Timber Framed Houses
Building a timber frame home with a mortgage
A timber-framed house - whether it is a Tudor cottage or a modern construction - might be difficult to finance.
Due to the fact that timber-framed buildings are classified as non-standard constructions, some lenders may be less likely to offer a mortgage deal than they would for a typical brick-and-mortar house.
How to get the right mortgage for a timber-framed house
Timber framed houses are not generally approved for mortgages by standard mortgage lenders because they fear that the non-standard construction materials will affect resale value.
Mortgage lenders want assurance that, if they need to repossess the property, they will be able to sell it quickly and easily to recoup the money owed.
Timber framed houses, however, have several advantages. First of all, modern buildings are extremely eco-friendly and well insulated. Additionally, they have a unique character that appeals to many prospective buyers.
When applying for a mortgage for a timber-framed house, what criteria will be considered?
The good news is that there are many mortgage providers who specialize in offering mortgage deals for hard-to-mortgage properties such as timber-framed houses. Mortgage lenders will take into account certain factors if you apply for a mortgage for a timber-framed house, such as:
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A modern or well-maintained timber framed house is more likely to qualify for a mortgage than one that is dilapidated and needs to be renovated.
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For a timber-framed house, a comprehensive survey is likely to be required for a mortgage.
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Some mortgage providers will only lend on timber framed properties that do not require any work, while others may offer you a mortgage that can be paid off in instalments, so you can cover the purchase price as well as the cost of building materials.
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If the timber-framed house you propose to purchase is very old or of a unique design, it may be a listed building, which may affect your mortgage application. Additionally, it will restrict any changes you intend to make to the property.
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