As the recession begins to take hold and the availability of mortgages is reducing its even more difficult to find an affordable home, non-traditional construction properties could offer a viable alternative
Non traditional construction or prefabricated concrete properties where originally designed as temporary housing as a solution to soldiers returning home after the Second World War and bomb damaged properties.
These temporary properties where built by Councils as part of their housing stock to be rented out as council houses. When the Conservatives introduced Right To Buy in the 1980′s these council houses where sold to the tenants at a discounted price.
Estate Agents or valuers have always struggled to value these properties in contrast to traditionally built properties as most mortgage lenders are unable to lend against this type or property security as they still class prefabricated reinforced concrete houses as temporary despite being habitable in the 21st century.
It’s estimated that there were about 1.25 million (one million two hundred and fifty thousand) of these types of properties built after the war. Which I’m sure you will agree offers a great affordable housing stock.
The majority of non standard property are ex council flats, maisonettes, semi detached or bungalows some of the more popular PRC build types are Reema Hollow Panel, Woolawy Bungalow, Wimpey No Fines and waites construction. Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had structural engineering works carried out.
Non-traditional housing could provide the UK house hunter or buy to let investor a very viable solution. If you are a buy to let investor you will no doubt have come up against the rental yields not stacking up as property prices have soared over the past few years. These properties could offer a solution; make sure you speak with Enable Finance today.
People buying non standard construction property tend not to pay stamp duty as often the purchase prices are below the stamp duty threshold of 175,000. Concrete properties can really offer a true affordable housing solution.
For a FREE no obligation quote on a mortgage for non standard construction property please visit Enable Finance Ltd online. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.