Despite their popularity, some mortgage lenders consider timber frame properties not to be “standard” and may worry about the quality and longevity of the property structure, as well as the increased risk of fire damage. These issues can make obtaining a timber-framed mortgage difficult, but not impossible. For self-construction projects, wooden frames are very popular due to their ease and speed of construction. It is possible to obtain a self-built mortgage for a timber-framed house, with additional guarantees.
You may need to demonstrate that you have the means and ability to erect the structure correctly, or at least supervise the project competently. Self-built mortgages are usually released in staggered withdrawals, and lenders will require regular on-site inspections. This ensures that work is progressing as planned and to the right standards before additional funding is released. If your painting needs to be paid in advance, this can be a problem.
Check with the manufacturer for payment plans to arrange payments to match your mortgage payments. A timber-framed house is not very unusual, but it is often classified as a non-standard property by a mortgage lender. Any home considered to be at higher risk may be more difficult to mortgage, with higher interest rates and deposit requirements. However, not all lenders will refuse a mortgage on non-traditional properties.
The construction company you spoke to may not be prepared to lend on a timber-framed property, but others will, although there may be conditions. At the Coventry construction company, for example, properties made entirely of wood are not acceptable, although the lender will consider modern timber-framed properties, provided they have an outer layer of brick. Halifax, for its part, relies on the appraiser's discretion and the individual merits of a timber-framed building, but it will not lend if the cavity between the wooden frame and the siding has been retrospectively filled with an insulating material. Getting a Mortgage for a Timber Frame House.
Can you get a mortgage for a timber frame house? Yes, and the good news is that timber-framed buildings built after 1970 are classified as “standard construction”, provided that the exterior walls are constructed of bricks and blocks. Lenders view modern timber-framed houses more positively because the more recent the construction, the stricter the building regulations and methods used. Each lender has different criteria that apply when deciding whether to offer a mortgage for a timber-framed home. Also, if the homebuilder received a National Home Construction Certificate, the lender should not have a problem offering a mortgage on the property.
In recent years, there has been a resurgence in the number of timber-framed houses reaching the UK housing market. Therefore, a more up-to-date, modern, and well-maintained timber-framed home is likely to attract greater interest and favor from lenders than one that is in ruins and in need of restoration. If desired, additional insulation can be added, these are the flexible design features of the wooden structure. All mortgage lenders require property insurance to be in place as part of the application process, however, insurance policies that cover non-standard properties, particularly timber-framed homes, can be difficult to obtain, given the perception of increased fire risk and reduced durability by parties of most insurers.
Extensions built with wooden frames may be more cost-effective and take less time to build, but they can be difficult to mortgage or remortgage. Timber framing is often preferred among borrowers of self-built mortgages because it is a relatively fast construction method and has energy efficiency benefits. There are many types of wood used in the manufacture of wooden frames, some less reliable than others. We have emphasized the availability of mortgages for many types of non-standard construction, including timber frame houses.
You don't need planning permission for a timber-framed house because they are classified as “development not allowed”. . .