| Although you may think that there is just the one | | | | neighbour's lower rooms, that's known as flying |
| kind of traditional mortgage, whether it be a 100%, | | | | freehold, and lenders aren't too keen on these types |
| no deposit or interest only mortgage, there is also | | | | of property. |
| another kind, known as a non standard mortgage. | | | | - High-rise flats, particularly ones that are over 5 |
| This is for when the property you're buying isn't | | | | storeys, or if there are balconies on the flats that |
| made of the normal brick and mortar construction; it | | | | allow outside access. |
| could be steel frame, self-build or any other type of | | | | - Local authority owned, or ex-local authority owned |
| material. | | | | flats. Lenders are particularly loathe to offer |
| If this is the case, most lenders won't actually give | | | | mortgages on properties where there are a block of |
| you a mortgage, since there's no real resale value | | | | flats, and there are still some that are owned by a |
| associated with the property, and they can't forecast | | | | council or tenant association - they far prefer if all |
| what the self-build or similar property will be worth in | | | | the flats belonged to homeowners. |
| the future (unlike a more traditional building). | | | | - Any properties that are above shops are also very |
| However, you can still get a non standard mortgage | | | | unpopular with lenders, due to the threat of additional |
| from some lenders - it just usually means different | | | | wear and tear, burglary or fire. |
| terms from what a more standard one would offer. | | | | - If the property you're buying is either steel-framed |
| Assessment | | | | or timber, like a log cabin for example, or a |
| Before you get this type of mortgage, you'll be | | | | pre-fabricated home. |
| assessed by the lender to make sure that you can | | | | - Other types of non standard properties, such as |
| pay back the mortgage itself. This is where it's the | | | | ones that are made from non traditional build or |
| same as a normal mortgage. They will also assess | | | | material. |
| whether they feel that they could make any money | | | | If you are looking at buying a property that isn't |
| back on your property, if it was to be repossessed. | | | | what's classed as a traditional type of building, like a |
| If the lender feels they could sell your property | | | | wood cabin holiday home in the Highlands for |
| again, the better the chance of you being approved | | | | example, you don't need to worry unnecessarily |
| for a non standard mortgage. | | | | about getting a mortgage. Yes, it may be a little |
| You can actually pre-guess whether you'd be eligible | | | | more difficult than a standard one, but it's not |
| for a non standard mortgage or not, by knowing | | | | impossible. Check with an independent mortgage |
| some of the criteria that will usually work against you. | | | | advisor on the best way forward, or even do it |
| These include: | | | | yourself and look at the various mortgage options |
| - Properties with flying freeholds. So, for instance, if | | | | available to you online. |
| one of your upstairs rooms overhangs one of your | | | | |