Home owner loan companies make use of your home as protection therefore when you look at the regrettable instance that that you do not repay your loan, your premises are repossessed.
Securing your loan against a building that is non-standardage.g. One created from such a thing besides bricks and mortar) can be hard as loan providers see these properties as harder to re-sell it tough make returning to cover your loan.
As a result of this, some loan that is secured have actually strict financing requirements on structures including:
- Detailed buildings
- High-rise flats
- Tin Roof
- Thatched roof
- Ex-local authority
- Uninhabitable property
- Non-standard construction
- Flats with balcony access
- Steel framework
- Timber framework
A loan against a non-standard construction, make an enquiry and we’ll refer you to one of the property mortgage experts to give you the right advice for more advice on securing.
Are you able to get yourself a home owner loan with no mortgage?
An unencumbered home is a home this is certainly owned outright without any home loan or loans guaranteed against it.
It could be harder to have a home owner loan on a residential property without any home loan or equity, because typically they are removed on an extra fee home loan and should be guaranteed throughout the very best of the charge mortgage that is first.
You can find a few loan providers whom may think about a home owner loan without any equity or mortgage, but other choices open to you such as for instance remortgaging save more money overall.
Talk to one of our advisors right here to learn more about securing a home owner loan without home financing.
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