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Steel Framed House Mortgages in the UK

Do you want to buy a home with a steel frame? This essential guide explains all the crucial aspects of non-standard property mortgages and how a lender might categorise a steel-framed property.

Getting a Mortgage For a Steel-Framed House

Any property outside of the norm, including one with a steel frame, can be trickier to mortgage than a typical brick and mortar home.

The Revolution Brokers team often works with clients who have been turned down for mortgage lending based on having a non-standard property.

In this guide, we'll explain how to mortgage a steel-framed home and what factors will make a difference to your application.

To find the most competitive mortgage deals on a steel-framed house, give us a call on 0330 304 3040, or drop us a message at [email protected].

Is It Possible to Secure a Mortgage on a Property with a Steel Frame?

Yes, it usually is, although you will need to apply to a specialist lender with experience in non-standard properties in some cases.

Some lenders will offer a mortgage only on particular types of steel framed homes. Those they will mortgage are deemed as 'reliable'.

Therefore it's essential to have as much information about the construction of your property before applying for a mortgage, and/or having a professional survey conducted.

Do I Need a Larger Deposit to Mortgage a Steel Framed Property?

Usually, you will need a slightly higher deposit.

This is because a steel-framed home is considered a higher risk, and therefore most lenders will require a larger deposit. Even if you have a perfect credit record and a stable income, the higher deposit mitigates the home loan risk profile.

What Homes are Considered Steel Framed Properties for Mortgage Purposes?

In essence, steel frames have been used fairly regularly since the Second World War, and mean that the house's frame is made from steel instead of timber or another material.

Given the age of many steel-framed homes, they carry higher risks. Most steel framed properties were built as temporary accommodation and therefore require a detailed survey.

Lenders, therefore, can be reluctant to mortgage a steel-framed home.

There are multiple different types of steel frame, and the type of property you wish to mortgage will make a difference to your mortgage application.

You can also reinforce or toughen a steel frame, by using brick to stabilise the foundations. If the property is structurally sound, it might be much easier to get a mortgage - although the costs can be high.

Some steel-framed property owners also find that insurance is more challenging or more expensive.

Can I Get a Mortgage on a BISF Steel Framed Home?

The British Iron and Steel Federation (BISF) built the majority of steel-framed properties in the UK. These homes are thought to be less structurally sound - and therefore can be harder to find a competitive mortgage.

Again, you can consider reinforcing the property to make it sounder, and less of a mortgage risk.

Does a Steel Frame Impact my Property Resale Value?

Yes - it is often harder to sell properties with a steel frame, primarily because they are harder to insure or mortgage.

Lenders will consider the market value of the property before offering to lend against it.

Can I Mortgage a Steel Framed Home with an Adverse Credit Rating?

Low credit scores or poor credit history always complicate a mortgage application, and some banks have strict rules about when they can offer to lend.

In this situation, a niche lender will likely be the best option.

Expert Support with UK Steel Framed Home Mortgages

If you are considering buying a steel-framed home, or already own one and are seeking a remortgage, get in touch with the business finance broker team on 0330 304 3040 or email us at [email protected].

Our teams are independent experts in mortgaging non-standard homes and will ensure you find the most competitive mortgage products available.

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