Timber framed properties are a popular choice for those looking for a unique style of home. But can you get a mortgage on a timber framed property? The answer is yes, but there are a few considerations to bear in mind before doing so.
Timber Framed Properties
Timber framed properties are a type of home that has been constructed using a timber frame. These frames are usually made from either softwood or hardwood and are used to form the walls, floors and roof of the property. This type of construction is becoming increasingly popular thanks to its unique style and its environmental benefits. The timber frame also allows for more flexibility in design, allowing for more creative and innovative designs.
Mortgage Considerations
When it comes to getting a mortgage on a timber framed property, there are a few considerations to bear in mind. Firstly, it is important to check with your lender to see if they are willing to lend on a timber framed property. Some lenders may be more reluctant to do so, so it is important to shop around to find the best deal.
It is also worth noting that the timber frame itself will need to be inspected and certified by a qualified engineer to ensure that it meets the necessary safety standards. This will need to be done prior to applying for a mortgage, as lenders will want to make sure that the property is structurally sound before lending.
Finally, it is worth noting that the cost of a timber frame property can be higher than other types of construction, due to the additional materials and labour required. This may mean that you will need to provide a larger deposit than usual, or that the mortgage payments may be higher than for other types of property.
In conclusion, it is possible to get a mortgage on a timber framed property, but there are a few considerations to bear in mind. It is important to check with your lender to see if they are willing to lend on a timber framed property, and the timber frame itself will need to be inspected and certified by a qualified engineer. Additionally, the cost of a timber frame property can be higher than other types of construction, so it is worth bearing this in mind when applying for a mortgage.