A very common question, and indeed a misconception amongst the public is that ‘all concrete houses are un-mortgageable’ . The simple answer is that this is incorrect! There is a very wide variety of concrete construction properties, all with individual merits, coupled with an ever increasing broad spectrum of open minded lenders. You will find these houses in many different forms, known differing terms – most were built post war, as there was a massive demand for fast construction and pre-cast reinforced concrete construction was introduced.
The common problems with concrete construction that is not limited just to houses, but also commercial buildings, structures, bridges etc is commonly known as concrete cancer – this is where the steel reinforcements begin to corrode and expand, causing the structure to crack and degrade. Please check each property individually, as many have had remedial work and refurbishment to eradicate the associated problems.
If considering a purchase or financing of a concrete or ‘non traditional’ construction property, the key is information and education. Firstly gather as much information about the property as you can. This can be from the selling agents, the vendors, the neighbours, the library, local builders and trades people, the local authority and of course the internet. Use these to educate yourself as to the pro’s and con’s of this particular property and indeed consult a professional surveyor or conveyancer for opinion as to potential problems. Once you have these facts, you can use them to establish the feasibility of sourcing a suitable mortgage. The mortgage market has changed drastically of late and is consistently evolving. What may be unfit yesterday, could fit today – parameters and criteria are constantly being adjusted.
A very important factor that may influence the value and onward saleability of a property is the ability to obtain a mortgage secured against it. This is where an experienced whole of market broker could be invaluable. If the general consensus is that the property is ‘unmortgageable’, this will have a massive effect upon the current and residual value. However if by using a broker that can access every lender available in the UK, you can secure funding, you have achieved two things; 1) a property that will benefit from capital appreciation and will have no re-sale issues, 2) A potentially great value buying price due to the lack of interest from word on the street about the availability of financing.
At Harvey Bowes we believe in going the extra mile to ensure we can give maximum service in cases like these – please call us for further information: 029 2067 6716
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
This article has been published by Ben Hollingsworth, Commercial Director of Harvey Bowes Limited. To find out more about the team at Harvey Bowes, please visit the following link: http://harveybowes.com/?page_id=41625
You can find out more about Harvey Bowes, mortgage broker Cardiff by vising our main website at www.harveybowes.com
Harvey Bowes Limited | Mortgage Broker Cardiff | 029 2067 6716