December 18, 2008
Affordable Housing found in Non Standard Construction Properties
As the recession begins to take hold and the availability of mortgages is reducing its even more difficult to find an affordable home, non-traditional construction properties could offer a viable alternative
Non traditional construction or prefabricated concrete properties where originally designed as temporary housing as a solution to soldiers returning home after the Second World War and bomb damaged properties.
The properties where built by the Local Councils and formed part of the housing stock, when the Right To Buy legislation was enacted by Margaret Thatchers conservative party in the 1980′s these houses slowly where sold into private hands as “Right To Buy” exploed in popularity
Valuation Firms will value these properties far below their traditionally built counterparts, as traditional mortgage lenders don’t tend to lend on Non standard construction or prefabricated reinforced concrete properties owing to their originally temporary use despite them still being perfectly habitable in the 21st century.
About 1.25 million (one million two hundred and fifty thousand) non traditional houses were built after the war, which offers a great affordable housing stock for the UK home buyer or investor.
Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had remedial works carried out. The more popular non traditional housing is Reema Hollow Panel, Woolawy Bungalow, Wimpey No Fines and waites construction and if not always tend to be ex local authority flats or houses.
Non-traditional housing could provide the UK house hunter or buy to let investor a very viable solution. If you are a buy to let investor you will no doubt have come up against the rental yields not stacking up as property prices have soared over the past few years. These properties could offer a solution; make sure you speak with Enable Finance today.
Home movers looking for affordable housing could be very surprised at how inexpensive these properties are especially as the vast majority of the properties purchase prices will be below the government’s current stamp duty threshold of 175,000.
For a mortgage on a non standard construction property in the United Kingdom please contact Enable Finance Ltd Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.
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