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Based on your yearly income,
you may be able to borrow
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
Steel Framed House Mortgages in the UK
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.
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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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Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:
As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.