Are you interested in buying a non-standard construction like a concrete build or a timber frame property? If yes, then this article is for you. There are various things that you need to consider before buying a single skin construction. Single skin wall construction is a type of construction that was popular in the Victorian era and known for building the external wall by using a single course of brick. Single skin wall mortgage or single brick construction mortgage falls under the non-standard property niche, which could restrict you on the choice of the mortgage lender. Getting a mortgage on a non-standard construction is complicated as the mortgage lender needs to understand the risks before considering any mortgage application. Luckily we have a network of mortgage brokers who can help you with single skin property mortgages.
Why is it difficult to get a mortgage on single skin wall construction?
It is difficult because there are many issues associated with this construction type, and therefore most of the mortgage lenders get concerned about the resale value of the single skin brick property. The lenders think that they may struggle to recoup their finance in case of repossession. New builds are not constructed using this non-standard method because they don’t meet modern-day building regulations. According to an article published in financial times, these constructions are considered potentially unstable, thermally inefficient, and prone to sound transmissions, water penetration, and condensation.
On the other hand, some lenders still think that these constructions would have good future value. There is always a chance of getting a good amount of mortgage on these old building, just you need to be aware of the right bank/building society which can approve the amount. It is important to understand that some lenders also base their decision of mortgage on the location of the particular property. At needingadvice.co.uk Ltd, we have mortgage brokers specialising in single skin wall mortgages and could help you find the most suitable mortgage deal.
Types of single skin property
The property could be valued high and low based on its construction. Here we will tell you about the different construction types that could help you know about your current property as per its build.
- Single Brick Construction
- Single Skin Construction
- Single Brick Extensions
- Single Brick Walls
- Single Skin Brick Walls
- Single Skin Breeze Block Construction
It is important to know if the property that interests you comes under any of these elements discussed above; if yes, please feel free to inquire with us for a non-standard construction mortgage. We will work with you to start your mortgage application. These mortgages are different than mortgages on live/work unit.
Factors that can impact your mortgage application for a non-conventional construction
Non-conventional constructions are defined as certain properties that are classed as hard to mortgage properties and could be declined by most lenders. These property includes Pre Reinforced Concrete(PRC), Steel frame, poured concrete, single skin brickwork, modern timber frame, period timber frame and thatch, flat roofs, flats over shops, dodgy leasehold ground rents and underpinned properties.
- Credit History: Clean credit history is always a plus point while applying for a mortgage
- Income Type: Lenders prefer borrowers to be in full-time employment, but specialist lenders could offer mortgages for business ownersand self-employed professionals.
- Age: Some banks could have an upper age limit for different types of mortgages; some specific lenders could offer you a loan irrespective of age.
- Outgoings: If you have significant outgoings like outstanding loans and dependent children, it could impact your borrowing amount.
- Deposit Amount: The lesser the deposit amount, means there is a lower chance to obtain a mortgage from lenders. Some lenders suggest that you have to put the bare maximum amount to offset the risk if you apply for a single skin mortgage.
If your profile does not meet the above criteria, its important to consult a financial adviserbefore starting the application. With this type of mortgage, the approachable lenders are limited, but with the help of a specialised mortgage broker, you can get the mortgage at your favourable terms.
Finally, suppose you are interested in buying a house with single skin construction. In that case, we will suggest you contact a mortgage broker who is specialised in non-standard property mortgages to get the more clear picture. In case of any doubts, you can contact us or go through the FAQs below.
FAQs – Single Skin Wall Property Mortgage
Can I get a mortgage on a single skin property?
Yes, it is possible to get a mortgage on a single skin property construction. The first step that you should take is to contact a specialised broker for non-standard property types.
Why is it more difficult to get a mortgage on a single skin property?
Because single skin property are considered as non-standard construction, which does not always match safety measures and prone to sound transmission, condensation, water penetration and thermally inefficient.
What are the factors associated with single skin construction mortgages?
There are various factors associated like credit score, deposit amount etc., associated with single skin construction mortgages.
What are the different types of property termed single skin walls?
There are many types of constructions that are non-standard, like single skin brickwork, period timber frame, modern timber frame, ground rents and underpinned properties.
How To Get a Mortgage on a Property With a Single Skin Brick Wall?
Single skin brick walls can be found in old buildings, but they are becoming increasingly rare nowadays due to their high cost. It’s also a lot harder to find a lender who will lend against them.
These are non-standard construction and there is risk involved in them. If you are interested in buying a single brick wall property, It is always better to contact a financial adviser.
How a broker can help you get a single brick wall mortgage?
Getting a single skin mortgage is tricky. You need to be careful about the lender you choose because they might not offer standard rates. As well as, brokers can help you get better rates than you would normally be offered. If you want to buy a property with a single skin brick wall, you have to make sure that your loan provider has experience in this type of property. You should only consider lenders who specialize in lending against these kinds of properties.
Can I get a single skin external wall mortgage?
Single skin external wall mortgage is a little more complicated than regular mortgages. There are many things that you need to consider before applying for a single skin external wall. For example, you must ensure that the house is structurally safe and sound. Also, you need to check if the house has been inspected by an engineer or architect. This way, you can avoid any problems later on.
If you are looking to buy a single skin external wall property, you should look at your options carefully. Make sure that you know what kind of property you are getting into. You should also consider the location of the property. Check out the neighbourhood to see how people feel about the area.
Do I need a guarantor when applying for a single skinned wall mortgage?
Yes, you do need a guarantor. A guarantor is someone who agrees to pay off the mortgage if something happens to you. They usually take over all the responsibilities of the borrower. So, if anything goes wrong, the guarantor will have to pay it back. Guarantors are often used when borrowers don’t have enough money saved up to cover the full amount needed to purchase a property.
When you apply for a single skin external mortgage, you will need to provide a guarantor’s details. The guarantor needs to be financially stable and willing to sign a contract. Your guarantor may be asked to sign a document called a “guarantee deed”. This is where your guarantor promises to repay the mortgage if you default. If you are interested in getting a mortgage after having defaults, you can read our article.
What if your property has a single skin extension?
You should ask your lender if you can add a second skin to your single brick wall home. This will increase the value of your property. However, you will need to follow certain guidelines. For example, you cannot extend the building beyond five metres from the boundary line. You should also ensure that the building doesn’t exceed three storeys high.
What is a single skin brick wall?
A single skin brick wall is a single layer of bricks that covers the entire outside of the building. It is made up of several layers of bricks. Some mainstream lenders may not approve your mortgage application for any single skinned walls property. But, there are some lenders who will lend against single skinned walls. These lenders are known as specialist lenders.