Concrete Houses (1 Viewer)

shmmeee · Aug 13, 2020

Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?

Nick · Aug 13, 2020

My house is one of those, an absolute bastard just to drill a hole in the wall.

I can't remember having issues with the mortgage though? Have you tried a mortgage broker who will have an idea who will lend and for what?

I did have issues trying to get one on another house that had power lines going over the top of it though.

pastythegreat · Aug 13, 2020

shmmeee said:
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?

In terms of lenders, unfortunately I dont know, but I live in a no fines house that I'm currently looking at buying from the council so good to know that certain people don't lend on certain terms for them. Cant see why though. The house is fucking solid. Cant even put pictures on the wall as I cant drill in to the cunting walls! I was going to go through a mortgage advisor my brother used when he bought his place. He specialises in getting mortgages for council tennants using our discount as a deposit. Although if some places want 20% it won't cover it.

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Nick · Aug 13, 2020

pastythegreat said:
In terms of lenders, unfortunately I dont know, but I live in a no fines house that I'm currently looking at buying from the council so good to know that certain people don't lend on certain terms for them. Cant see why though. The house is fuckimg solid. Cant even put pictures on the wall as I can drill in to the cunting walls! I was going to go through a mortgage advisor my brother used when he bought his place. He specialises in getting mortgages for council tennants using our discount as a deposit. Although if some places want 20% it won't cover it.

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Ha literally what I was just saying. The good thing is the TV on the wall is never, ever going to move.

pastythegreat · Aug 13, 2020

Nick said:
Ha literally what I was just saying. The good thing is the TV on the wall is never, ever going to move.

Its a nightmare. You think youre in, then boom, hit a stone and end up with a big hole in the plaster

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clint van damme · Aug 13, 2020

shmmeee said:
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?

never heard of it but definitely worth checking with another lender. Not the same situation but I was once looking for a re mortgage on a property and due to it's location Cov building society wanted a couple of surveys I'd never heard of done that no other lender I enquired with were asking for.

Nick · Aug 13, 2020

pastythegreat said:
Its a nightmare. You think youre in, then boom, hit a stone and end up with a big hole in the plaster

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I had to buy a plug in SDS drill just for basic tasks like that. Plenty of filler has been used for when stones have been hit.

pastythegreat · Aug 13, 2020

Nick said:
I had to buy a plug in SDS drill just for basic tasks like that. Plenty of filler has been used for when stones have been hit.

Same, my makita just didn't cut it. Nice powerful hammer drill and a decent set of diamond drill bits are a must shmee when/if you get your mortgage and move in

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hill83 · Aug 13, 2020

Definitely try another lender first.

fernandopartridge · Aug 13, 2020

shmmeee said:
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?

Try another lender but yeah I've heard of no fines construction, Wimpey built council housing. Tile Hill is all no fines

shmmeee · Aug 13, 2020

Nick said:
My house is one of those, an absolute bastard just to drill a hole in the wall.

I can't remember having issues with the mortgage though? Have you tried a mortgage broker who will have an idea who will lend and for what?

I did have issues trying to get one on another house that had power lines going over the top of it though.

Yeah I’m going through a broker. He seems to think all lenders will be the same.

Nick · Aug 13, 2020

shmmeee said:
Yeah I’m going through a broker. He seems to think all lenders will be the same.

Really?

When I used one he seemed to know which ones are more fussy than others etc. I can't remember the type of house being an issue at all.

I did look at one in Rugby which was weird, it was like the ones in Canley where the top half looks like metal. Was basically told nobody would mortgage it.

shmmeee · Aug 13, 2020

Nick said:
Really?

When I used one he seemed to know which ones are more fussy than others etc. I can't remember the type of house being an issue at all.

I did look at one in Rugby which was weird, it was like the ones in Canley where the top half looks like metal. Was basically told nobody would mortgage it.

Yeah, just found aguy on google who specialises in this stuff and he reckons he might be able to find me one so

Deleted member 5849 · Aug 13, 2020

Nick said:
Really?

When I used one he seemed to know which ones are more fussy than others etc. I can't remember the type of house being an issue at all.

I did look at one in Rugby which was weird, it was like the ones in Canley where the top half looks like metal. Was basically told nobody would mortgage it.

Tintown, Overslade?

Grendel · Aug 13, 2020

The reason most lenders don’t lend as normal is its classified as non standard construction

It’s therefore falls into a standard bracket that means there will be a technical concern over longevity and especially resale value

Sites like go compare will fine best deals on non standard constructions

Insurance shouldn’t be a problem but I would probably check if you haven’t that building insurance isn’t more costly than a normal brick build

Nick · Aug 13, 2020

Deleted member 5849 said:
Tintown, Overslade?

I can't remember now but it was quite a weird one. It was cheap, that was probably why. Only people buying cash would have taken it.

shmmeee · Aug 13, 2020

Nick said:
I can't remember now but it was quite a weird one. It was cheap, that was probably why. Only people buying cash would have taken it.

Got a mate who’s been in tin town in Canley for years as a council tenant and wants to buy but got told the same thing.

Nick · Aug 13, 2020

shmmeee said:
Got a mate who’s been in tin town in Canley for years as a council tenant and wants to buy but got told the same thing.

Yeah, even the estate agent told me not to bother if I wasn't a cash buyer as it would just be wasting my time.

SAJ · Aug 13, 2020

shmmeee said:
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?

Shmmeee. Your new house to be then is classed as non standard construction. The reason quite a few lenders won’t lend on them is many have steel running through the concrete. In certain instances historically the steel has failed. You can still get a mortgage on the property but use someone who can place that mortgage without charging a fortune. You should pay them what you were paying for the other mortgage. Mortgage solutions 01305 776311 deal with these. I have never used them but they have a chat line so you could speak with them.

shmmeee · Aug 13, 2020

Argh! Stupid mortgage rules!

so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?

The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.

shmmeee · Aug 13, 2020

SAJ said:
Shmmeee. Your new house to be then is classed as non standard construction. The reason quite a few lenders won’t lend on them is many have steel running through the concrete. In certain instances historically the steel has failed. You can still get a mortgage on the property but use someone who can place that mortgage without charging a fortune. You should pay them what you were paying for the other mortgage. Mortgage solutions 01305 776311 deal with these. I have never used them but they have a chat line so you could speak with them.

Ha! Mortgage Solutions are who I’m talking to! Thanks though!

Grendel · Aug 13, 2020

shmmeee said:
Argh! Stupid mortgage rules!

so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?

The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.

Bit strange that. Concerns on IHT gifts? Seems an odd one

Marty · Aug 13, 2020

shmmeee said:
Argh! Stupid mortgage rules!

so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?

The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.

You've answered that question yourself.

Weren't non standard properties meant to have been replaced about 30 years back? I always thought they threw them up after WW2, which gave them time to build proper houses.

shmmeee · Aug 13, 2020

Grendel said:
Bit strange that. Concerns on IHT gifts? Seems an odd one

Yeah. Not sure if the details but basically they only allow 25% of the deposit to be gifted for some reason. They’ll see the money only hit my account today and ask where it came from, at which point they count it as gifted deposit.

Because the money came from selling my nans house when she died and not her will it’s technically my dad giving me the money not my man leaving it to me.

Spent the last half hour googling tax law and am none the wiser TBH. I think tax wise we’re fine it just the lender being weird.

So frustrating to be this close.

shmmeee · Aug 13, 2020

Marty said:
You've answered that question yourself.

Weren't non standard properties meant to have been replaced about 30 years back? I always thought they threw them up after WW2, which gave them time to build proper houses.

House is about 70 years old. Views seem to differ. Other than the walls issue Nick mentioned and issues with insulation most people are saying it’s OK as long as your metal rods don’t rust. The surveyor seems to think it’s solid.

I’m just googling tradesman forums and seems to be 70/30 in favour of “fuck it all houses have risk as long as you’re on top of maintenance it’s fine”.

fernandopartridge · Aug 13, 2020

I ca

Marty said:
You've answered that question yourself.

Weren't non standard properties meant to have been replaced about 30 years back? I always thought they threw them up after WW2, which gave them time to build proper houses.

Yeah, well the Steel Houses especially had a life of 10-15 years. They were built under license before 1954 whilst there was a shortage of building material.

Grendel · Aug 13, 2020

Mmmm it’s nothing to do with IHT issues and actually it seems family gifts are the only ones you can get - may be worth looking at this and confirming it’s a family gift

How to Gift Money for a House Deposit - Hodge Bank

Buying a home is one of the biggest expenses in life, which is why many turn to family for help. Find out about mortgages with gifted deposits, here.

hodgebank.co.uk

Sky_Blue_Dreamer · Aug 13, 2020

Were you left a share of your nan's house in the will? In which case you should be able to show you've never received the proceeds of any sale and it's effectively been kept 'in trust' by your dad since and thus it is 'your' money.

fernandopartridge · Aug 13, 2020

Grendel said:
Mmmm it’s nothing to do with IHT issues and actually it seems family gifts are the only ones you can get - may be worth looking at this and confirming it’s a family gift

How to Gift Money for a House Deposit - Hodge Bank

Buying a home is one of the biggest expenses in life, which is why many turn to family for help. Find out about mortgages with gifted deposits, here.

hodgebank.co.uk

Is it something to do with a gifter trying to assert rights?

Grendel · Aug 13, 2020

Sky_Blue_Dreamer said:
Were you left a share of your nan's house in the will? In which case you should be able to show you've never received the proceeds of any sale and it's effectively been kept 'in trust' by your dad since and thus it is 'your' money.

It doesn’t matter - some lenders (nationwide it seems is the worst) will not allow gifts as part of a deposit. Not something I was aware of as we were looking to do it ourselves

Nick · Aug 13, 2020

shmmeee said:
House is about 70 years old. Views seem to differ. Other than the walls issue Nick mentioned and issues with insulation most people are saying it’s OK as long as your metal rods don’t rust. The surveyor seems to think it’s solid.

I’m just googling tradesman forums and seems to be 70/30 in favour of “fuck it all houses have risk as long as you’re on top of maintenance it’s fine”.

No issues when I had it surveyed with the actual build. It was pretty solid still and I'd say more sturdy and spacious than new builds.

It's just when you come to want to put cables into the wall it gets a pain!

Grendel · Aug 13, 2020

fernandopartridge said:
Is it something to do with a gifter trying to assert rights?

Don’t know seems really odd

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shmmeee · Aug 13, 2020

Nick said:
No issues when I had it surveyed with the actual build. It was pretty solid still and I'd say more sturdy and spacious than new builds.

It's just when you come to want to put cables into the wall it gets a pain!

Luckily the seller already has the TV hung exactly where I’d want it!

Nick · Aug 13, 2020

shmmeee said:
Luckily the seller already has the TV hung exactly where I’d want it!

Oh the TV mounts are fine, you can hang off them and they aren't moving.

Sky_Blue_Dreamer · Aug 13, 2020

Grendel said:
It doesn’t matter - some lenders (nationwide it seems is the worst) will not allow gifts as part of a deposit. Not something I was aware of as we were looking to do it ourselves

Seems odd. They count the inheritance itself as a 'gift'?

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