Getting wates construction mortgage is a different experience when compared to traditional mortgages. The process of buying a wates construction mortgage can be very stressful and time-consuming, but it doesn’t have to be that way. In this article, we will critically review the wates construction mortgages.
How would you build a house? Brick, block, or stone walls and a slate or tiled roof – that’s most people’s idea of the way houses are built. But unfortunately, it’s also how mortgage lenders would like your home to be made.
That’s why mortgages for homes of unusual construction can prove more difficult to secure – and that challenge is likely to extend to Wates construction mortgages. Let’s see why that might be.
You can also read about K lath construction mortgages in our different articles.
What are Wates construction homes?
In the face of the housing shortage in the aftermath of the Second World War, various designs and building methods were used to erect dwellings that could be built quickly, cheaply, and if only for temporary use (for the next ten years or so). Many of these homes are still in use today.
Among those designs were homes built between 1947 and 1956 by developers Wates Ltd, who constructed some 22,000 houses using large prefabricated reinforced concrete (PRC) panels.
Although the company made five different types (A to E) with more or less the same basic design, all suffered inevitable deterioration of the concrete panels and steel beams, resulting in the dwellings’ eventual designation as “defective”. As initially they were constructed, Wates construction homes fall short of the housing standards expected today.
Wates PRC house mortgage problems
Can I get a mortgage on a Wates house? If it continues to fall short of the housing standards expected by today’s buyers, the answer is likely to be no. If there is no market for buyers, any lender could be left with security on the virtually worthless property. A Wates construction mortgage will only be viable if the original dwelling has been repaired and renovated to bring it up to today’s standards.
Specialists in this type of renovation, the PRC Repair Company, note that various schemes have been devised to bring Wates homes up to a standard approved by mortgage lenders. It warns that one of these schemes – completed in accordance with BSF NU2000 – and which relied on replacing the large concrete panels with conventional cavity brickwork and insulation block, was briefly accepted by a relatively wide range of mortgage lenders. However, this approach has more recently fallen out of favour.
The PRC Repair Company notes that there are still three different repair schemes suitable for renovating Wates houses, and each comes with a different PRC Certificate likely to meet the standards accepted by mortgage lenders.
The scheme currently favoured by most lenders prepared to entertain a Wates construction mortgage is known as the PRC Homes Ltd Repair Scheme, and the PRC Certificate issued upon completionThe point at which a property purchase is finalized and owne... of those works – is sometimes referred to as “the full scheme”.
The repairs involve the removal of the large exterior precast concrete panels and their replacement with conventional cavity walls in brick and blockwork. Two concrete beams on either side of the fireplace are replaced with reinforced steel joists (RSJs). Party walls are also renovated as load-bearing walls.
Can I get a mortgage on a Wates home?
In their original state, Wates homes fail to meet modern housing standards and are most unlikely to meet the approval of any mortgage lender.
With the appropriate building works – by an approved contractor and preferably to the standards set by the PRC Homes Ltd Repair Scheme – you will likely find a lender prepared to grant a mortgage for what was originally a Wates construction house.
Can I get a mortgage on a Wates construction house without repair work being carried out?
If the Wates house you are interested in buying still has its large prefabricated reinforced concrete panels for walls that have not been rebuilt with cavity-insulated brick and blockwork, you are unlikely to secure a mortgage. Along with other types of non-standard construction, a Wates house as initially built is typically unacceptable to any mortgage lender.
Provided an approved contractor has carried out the repairs and renovation works and to a recognised and acceptable standard, the effectively rebuilt house may be accepted by many mortgage lenders.
Nevertheless, you may need to accept that the available pool of willing lenders is smaller than usual. In that case, you might want to consult a broker experienced in finding those lenders accustomed to granting an advance for purchasing a renovated and repaired Wates house.
What is a non-standard construction mortgage?
As we have seen, the fundamental issue complicating your search for a Wates construction mortgage is the non-standard construction used by the builders of such homes.
A non-standard construction mortgage is necessary because the Wates house is not built using conventional bricks and mortar – cavity brick, blockwork, or stone walls, on concrete foundations, topped with a tiled or slate roof.
What is more, there can be many different types of homes that mortgage lenders consider to be non-standard construction – and these include:
- all manner of concrete prefabs;
- timber or steel frame houses;
- houses built with a single course of bricks – lacking any cavity wall insulation;
- buildings with thatched roofs – that picture book thatched cottage you have your eye on will require a non-standard mortgage;
- buildings listed because of their historical or architectural interest;
- flats in high-rise blocks; and
- many other types of non-standard construction.
Non-standard construction – including so-called Wates houses – complicates securing a mortgage.
A Wates construction mortgage is possible if the original structure has been repaired and renovated to acceptable standards. Still, you will likely find a relatively smaller pool of lenders prepared to entertain your application.
To help you find such willing lenders, therefore, you might want to consult experienced experts in these matters – such as ourselves here at NeedingAdvice.co.uk – so that we can point you in the right direction and assist you with the formal application process.
FAQs – wates construction mortgage
Can I get a wates construction mortgage?
Yes, you can get a wates construction mortgage but the process could be complicated because of reasons like the type of building materials used.
The good news is that it is possible to obtain a wates construction mortgage even though the home you wish to buy was originally constructed using non-standard materials.
However, you may need to seek the assistance of a specialist mortgage broker who specialises in this type of loan.
You should also bear in mind that the pool of lenders willing to offer a wates construction mortgage is likely to be smaller than normal.
Who can apply for a wates construction mortgage?
Anybody can apply for a wate’s construction mortgage provided they meet certain criteria. These include having sufficient income to service the loan repayments and owning suitable collateral.
In addition, the applicant must be able to provide evidence that the property they are purchasing meets the requirements set out under the Building Regulations (England & Wales)
If you do not own the land upon which the property stands, then you will need to secure a leasehold mortgage from an approved lender.
Can I get a wate’s construction mortgage with a bad credit report?
Yes, you can get a wate construction mortgage with a poor credit score but you may need to contact a market broker for your mortgage application process. Having a bad credit score is always a problem if you are interested in buying a property.
There is no guarantee that you will get a mortgage approval when you have a bad credit history. It is always better to contact a specialist advisor before starting your application.