Home owner loan loan providers make use of your home as protection therefore within the case that is unfortunate that you do not repay your loan, your premises could be repossessed.
Securing your loan against a non-standard building (age.g. One produced from anything besides bricks and mortar) are hard as lenders see these properties as harder to re-sell it tough to allow them to make their funds returning to cover your loan.
Due to this, some secured loan loan providers have actually strict financing requirements on buildings including:
- Listed structures
- High-rise flats
- Tin Roof
- Thatched roof
- Ex-local authority
- Uninhabitable home
- Non-standard construction
- Flats with balcony access
- Metal framework
- Timber framework
For lots more advice on securing that loan against a non-standard construction, make an enquiry and we’ll refer you to definitely one of many property home loan professionals to provide you with the proper advice.
Are you able to obtain a homeowner loan without any home loan?
An property that is unencumbered a home this is certainly owned outright without any home loan or loans guaranteed against it.
Harder getting a home owner loan on home without any home loan or equity, because typically they are applied for on an additional cost home loan and should be guaranteed on the top of the very very first fee mortgage. Continue reading “May I secure my house equity loan against a non-standard home?”