Non Standard Construction Buy to Let Mortgage
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“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”
Mike Haupt – Mortgage Adviser
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Non Standard Construction Buy to Let Mortgage
All about non-standard construction Buy to Let properties with Mike Haupt.
Can you get a Buy to Let mortgage on non-standard construction property? Is it harder to get a Buy to Let on non-standard construction property?
You absolutely can get a Buy to Let on a non-standard construction property. It might be harder – it will all depend on the construction type of that property and how it compares to the lender’s criteria.
For example, I’ve done multiple Buy to Lets on timber frame properties – there are no issues whatsoever. You just pick the right lender for that individual property.
But things like large panel construction, or properties made out of concrete, can sometimes be difficult. It will very much depend upon the construction type and finding the right lender for that property.
It helps to have some really good conversations with a broker early on, and really understand how that property was built and its current condition.
What lending criteria do I need to meet for a Buy to Let mortgage on a non-standard construction property?
The core bit around affordability, deposit and personal criteria is exactly the same whether you’re buying a standard or non-standard construction Buy to Let.
The difference will come in the property criteria and what is acceptable to the lender. Every lender has a set of property criteria. With some it’s quite broad, while others are really narrow.
We will work with you to find out how that property was built, then we go away and research who is likely to lend in that scenario. We then come back to you and explain that, based upon everything discussed so far, these are the lenders we recommend. There’s plenty that can be done on those non-standard construction Buy to Lets.
Can you get a Buy to Let mortgage on all types of non-standard construction properties?
Lenders are these days more open to different types of construction, especially with new and modern builds. We’ve all seen properties on Grand Designs that are created in different ways from the typical brick and tile.
There is definitely more appetite from lenders to lend, but there are still certain properties they won’t take on – I mentioned before about large panel concrete construction, for example.
So we’ll explore how that property has been built, research the lenders and come back with the best options for you.
What deposit is needed for a Buy to Let mortgage on non-standard construction property?
It should be exactly the same. There should be no reason why it’s any different. Typically as we speak now in May 2024, we’re looking at a 20% or 25% deposit on a Buy to Let – so as long as you’re hitting that deposit and the lender’s property criteria, there’s no reason why you can’t get a mortgage.
Are there any other costs involved? Are Buy to Lets in this scenario more expensive?
You’re going to face the normal things like legal costs, mortgage costs and broker costs. Where it may be different is potentially around surveys.
With a non-standard construction property, it’s always good to have a proper survey done so you know what condition that property is in. That can sometimes lead to needing specialist reports, such as damp and timber reports. That’s where the extra cost could come from.
We’ve done other podcasts around non-standard construction properties, so if you listen to those we talk more about surveys and those costs.
Can I still get a Buy to Let mortgage on a non-standard construction property with bad credit?
It will very much depend on what that credit situation is. Are we talking about missed payments or IVAs and bankruptcies? It’s very different how lenders will interpret those.
Once we have identified the lenders that are likely to lend to you with that credit situation, we then need to explore their property criteria. Some of the more niche lenders that work with adverse credit applicants don’t always have the broadest property criteria, so we may be slightly more restricted.
We would work it through and make sure we understood what the bad credit was, what options are available and the potential lending opportunities on those properties.
What if I’m a First Time Landlord? Can I still get a Buy to Let mortgage on a non-standard construction property?
Yes, absolutely, as long as you hit the criteria for a First Time Landlord with the lender. There should be plenty of options for you.
Does It Cost For An Initial Chat?
Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.
Are there any restrictions on renting out a non-standard construction property?
You just need to make sure that the property you’re going to buy will still comply with all the necessary regulations and licensing restrictions. In the process of buying that property, it’s important to talk to either the estate agent you’re buying through or another letting agent, to make sure that property will meet the requirements.
If it doesn’t, that could impact the decisions you make about purchasing that property. It would definitely be a conversation I’d have very early on in the process.
How does remortgaging a Buy to Let non-standard construction property work?
Whether it’s standard construction or non-standard, it should be relatively straightforward. Around six months out we would start looking at the options, making sure we really understand what you want to do with the property moving forwards.
Do you want to keep it long term, and look at interest rates every couple of years? We then seek out the right lender to accept that property.
We might stay with your existing lender – or is there a better option to shift to another one that will lend on your property? If it’s a better deal for you and fits your circumstances, we would explore that option too. We would start the process about six months out and do all the work early on to make sure we get it set up for you.
How does the application process work for a Buy to Let mortgage on a non-standard construction property?
The process is the same whether you’re purchasing or remortgaging your Buy to Let. We start by getting to know you as the applicant and understanding your income, commitments and your future plans for the property.
Then, I can really tailor that advice to you and make sure that whatever I’m recommending is absolutely the right thing for you. The next bit would be about working with the lenders to make sure they are the correct lender for you. We get everything through the application process and survey process to make sure there’s no issues there. Then the mortgage offer is issued and completion happens.
We would always talk through that process so you fully know where you are, every step of the way, and what’s going to happen next.
What else do we need to know about a non-standard construction Buy to Let mortgage?
Hopefully I’ve demonstrated the difference that I can make in this process for you. It comes down to that knowledge and support. When you’re looking at non-standard construction, not everything is straightforward. Sometimes you get thrown a curveball or two. It’s about how you deal with that.
If you go out there and try to do it on your own, you could go from lender to lender to lender and get nowhere. I can do all that for you, and I can access over 90 different lenders. I’ve got the knowledge about the lenders who are likely to accept the property and those who are not.
So not only can I hopefully find you the best deal, we can also find the best lender for your circumstances. That’s the real difference. I’ll find that lender and manage the whole process for you and make your life a lot easier. I can’t promise it will be stress-free, but hopefully it will be faster and simpler.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
SOME BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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- We believe in building lasting relationships with our clients. The kind where we get to know you, your family, how you live, what's important to you and what you want in the future.
- Then we get to work to help you achieve it, with regular reviews and updates, to keep your money working harder and smarter for you.
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Because we play by the book we want to tell you that…
- Your home may be repossessed if you do not keep up repayments on your mortgage.
- There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
- The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.