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  • Mortgages & Finance

    Mortgage rejected due to timber frame build

    Hi guys,

    I recently agreed a offer on a house and was going through normal process of buying the house.

    As I was, HSBC today have rejected my mortgage after checking the property due to sub standard Timber Frame.

    Has anyone else had a similar issue and can recommend any next steps?

    Thank You

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    No surprise on this one, as some lenders do not like such properties. Try property tribes recommended broker they may be able to help.

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    Can you say what the issue was?  Is it because it is a softwood frame? Damp? post 1960's build?

    HSBC can take a timber frame "on referral", which means that your broker should have had a conversation with the lender prior to submitting an application.  Some lenders are fine to accept very old properties using a substantial Oak frame, as per the standard building techniques of the 16th/17th century, for example. Sometimes though, it can be very difficult for a lender to comment on something that they are not specialists in themselves, which is why they will often rely on the valuer for their comments.  If there is a property with a post 1960's timber frame, predominately softwood, they would possibly not accept it.

    At the end of the day, the lender relies on their appointed valuer.  So, it's probably wise to move on to another lender if you really like the place, or another property if you feel that it will be more trouble than it's worth.  If it's the former, and you feel that we could help, please feel free to call me on 07751 042485.

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