Mortgage on Timber Framed House UK

The lifespan of a timber framed building depends on the quality of the building materials used when it was built and the construction methods. Many old timber framed houses used oak, which is much more hard-wearing than some softwood alternatives used today.

Timber framed houses are considerably cheaper, easier and faster to build. Some factory produced timber framed houses are constructed in only a few days. Generally, a timber framed building will usually take up to 3 months less to build than a conventional building of a similar size. Also, thanks to timber being so much lighter and easier to handle, no heavy equipment is required, helping to keep costs down.

Like concrete and steel-framed houses, mortgage lenders consider timber framed buildings to be "non-standard" properties. But that's not to say that you can't get a mortgage for a timber framed house. Not all lenders will lend on non-standard construction properties but many do – whether a specific lender will agree to lend on your property will ultimately be down to their criteria. Furthermore, many timber framed properties built after 1970 are categorised as "standard construction", providing the building's outer walls are made from brick and block. This means you may have more lenders and options available to you.

Lenders also look favourably on a property if the builder obtained a National House Building Certificate. However, this does depend on an individual provider's lending criteria.

The best way to secure a mortgage on a timber framed house is to speak with an independent mortgage broker who will be able to advise you on the best mortgage product for your needs.

One of the main reasons a lender may decline your mortgage application on a timber framed houses is their concern over how easily they can resell it and recoup their money. Lenders want the security of knowing that if they have to repossess the property in the future, they can sell it fairly quickly.

Some lenders will refuse mortgages on a timber framed house if insulation foam is used to fill the cavity between the cladding and the frame. Meanwhile, others may decide whether or not to approve a mortgage based on the findings and recommendations of a building survey. Some lenders will not offer mortgages on a timber framed building constructed between 1920 and 1965.

As with any mortgage, lenders will assess your credit history to determine how much of a risk you are to lend to. If you have missed payments, repossessions, or recent defaults, your chances of securing a mortgage could be affected. However, it doesn't necessarily mean that you won't be able to get a mortgage. One of our advisers at John Charcol will be able to look at your credit history, consider the severity of any bad credit on your file and guide you towards the right lenders.

Some lenders will accept decorative cladding over blockwork. However, if there's no blockwork under the timber cladding, many lenders will refuse to offer you a mortgage. Timber cladding requires regular maintenance, which is what puts off most lenders.

If you don't keep up with its maintenance, your home could lose value and become difficult to resell in the future which is an important factor for the lender. Your choice of lenders will likely be limited by the amount of timber cladding on your property. Some lenders will only accept timber cladding if it's just on the first floor and the ground floor is block and brick. But some lenders will accept timber cladding that covers the entire property.

Brick veneer is a thin layer of brick that is used to give the appearance of brick but doesn't contribute to the structural integrity of the building. It's purely used for aesthetic purposes and can be susceptible to water damage. Therefore, an application for a mortgage on a timber frame house with a brick veneer will likely be treated the same as that of a timber framed house.

Despite the growing popularity of timber framed houses, these types of buildings pose a significant risk to mortgage lenders. If you’re looking to buy a timber framed house or perhaps even build your own from scratch and want to review your mortgage options, speak to our team of independent advisers at John Charcol.

At John Charcol, we have access to an extensive range of mainstream and specialist mortgage products, including those for timber framed properties, and our experienced advisers will be able to help you find the right financing option for you. Get in touch with us today on 0330 433 2927 or submit an online enquiry.