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Buying Bungalow

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Buying a Bungalow (Dorran, Woolaway, Colt Mortgages)

Many people love bungalows, especially those with mobility issues or the elderly. Bungalows are a popular property type. They are easy to prefabricate, they can be more eco-friendly and less expensive to build than traditional homes and flats.

This can lead to problems if you’re applying for a mortgage. Lenders will often be wary of unusual constructions and may have additional rules. This article will help you to understand the problems that can arise when mortgaging your bungalow.

For standard properties, bungalow mortgages are very common. However, if you have a bungalow of unusual construction, it may be more challenging to find mortgage providers lending.

This guide will cover everything you need to know about bungalow properties. It will also explain how they can impact your mortgage application.

Enquire below for mortgage advice. We provide mortgage advice free of charge, and we have a few mortgage providers lending bungalow residential mortgages we can introduce you.

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Is it possible to get a mortgage for a bungalow?

Yes, you can get mortgage approval for a bungalow if your bungalow is of standard construction (i.e. Lenders will view it the same way as a house if it is of traditional construction (i.e. Bungalow mortgages are available from all the central banks and mainstream mortgage lenders.

If your bungalow is of non-standard design, you may be able to get a mortgage. It may be more challenging to obtain a mortgage if your bungalow has a timber frame or a thatched roof. You can still get a mortgage, but it will be more difficult if you don’t look hard enough for the right mortgage lender. This is why mortgage brokers are here to help.

A Dorran house or bungalow is a precast reinforced concrete (PRC) home. Due to their construction style, they are difficult to heat or insulate. They may also be susceptible to dampness and other problems. These properties are often considered unmortgageable by lenders.

To prove to lenders that your property can be occupied and safe, you may apply for a PRC Certificate Of Structural Completion after significant repairs have been made.

Although they may offer a mortgage based on an inspection and valuation, some will be open to considering other requirements such as a. :

  • Some lenders won’t consider properties built after 1985 or 1945.
  • Lenders may limit the loan to value they offer on this type of home to 80%, 50% or even 40%.

How to get mortgage financing for a bungalow

Although obtaining a bungalow mortgage on certain bungalow types may be more complicated, you can improve your chances of getting one of these three simple steps are followed.

Step 1: Talk to an experienced broker in bungalow mortgage applications

Before submitting your mortgage application, ensure you have all the necessary information. A broker with experience in this mortgage industry can give you all the information you need.

Enquire below to speak with our mortgage brokers regulated by the financial conduct authority.

Many brokers deal with a Dorran Woolaway bungalow mortgage and Colt homes.

Constitute financial advice with an exclusive mortgage expert regulated by the financial conduct authority below. W always aim to find the best mortgage deal on the market.

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Step 2: Prepare your documentation

The broker will guide what documents you need to include in your application. A PRC Certificate Of Structural Completion may be required to prove that your bungalow has been renovated and repaired with cavity walls that comply with modern safety standards.

You’ll need the same documentation you have for other residential mortgage applicants. This includes proof of address, personal identification, proof that you are a resident of the UK, bank statements, approximate annual income and payslips.

Step 3: Locate the suitable mortgage lender

There are not all lenders that offer mortgages for bungalows. Your broker will only select the most likely ones to approve your application. To ensure you get the best rate, they will compare rates between these lenders. It will provide you match for the lender criteria of the broker.

What lenders offer mortgages for bungalows?

A timber-framed property is eligible for mortgages from 60 lenders, while 20 lenders will consider a 100% timber property. These lenders include Santander, HSBC and NatWest.

There are over 40 lenders that can help mortgage concrete construction properties with a PRC certificate. Approximately 20 lenders specifically say that they will consider mortgages for a Woolaway bungalow. This includes NatWest, Barclays and Halifax.

Currently, only three lenders can lend on PRC homes that have not been repaired.

These are:

  • Together Mortgages
  • Norton Home Loans (though LTV can be limited to 50%)
  • United Trust Bank

Although you can contact these lenders directly, it is better to use a broker specialising in this field if you don’t want to risk rejection due to your limited options.

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Mortgage rates are comparable to any mortgage on other properties. The rate you offer does not depend on the material used to build the house. It will be determined by other factors such as the amount of your deposit, which rate type you select, and the Bank of England base rates at the time of application.

What makes bungalow mortgages different?

It depends on what type of bungalow you are looking to purchase. Standard construction will mean that the mortgage offered to you will be the same as any other residential property mortgage approved. This should not cause any difficulties in finding a suitable mortgage deal.

The difference is when your bungalow doesn’t fit that “standard” mould.

Standard properties have brick or stone walls with a tile roof or slate roof. Anything beyond this standard is considered non-standard if:

  • It is made from precast reinforced concrete (PRC).
  • It has a steel or timber frame
  • It has a flat roof or a thatched roof
  • It can be a prefabricated or modular home.
  • It’s your park home

Lenders may decline certain types of non-traditional housing. These properties cannot be purchased with cash. Lenders may have specific requirements for your property before they approve you for a loan.

You may have difficulty finding a mortgage that is right for you, but it doesn’t make it impossible.

Enquire below, to begin with, an online mortgage advisor regulated by the financial conduct authority.

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Types of bungalows and their implications

Your bungalow may not fit the mould. These are the types of bungalows available and what they may mean for your mortgage.

Woolaway bungalows

Prefabricated properties that fall under the PRC bracket include Woolaway bungalows. These were very popular in the middle of the 20th century and had a concrete frame with concrete wall panels. The biggest concerns are cracking of precast columns and degrading bolts. Heat loss due to inadequate insulation is also a concern.

Most lenders won’t lend a mortgage to a Woolaway bungalow if it hasn’t been extensively renovated. Some lenders, like NatWest, require that all external walls be rebuilt with a guarantee by PRC Homes Ltd.

Colt bungalows

Colt bungalows, which are timber-framed structures made from prefabricated panels, are timber-framed properties. These properties still fall within the non-standard bracket, but they comply with modern building regulations and can be mortgaged by many lenders.

Total evaluations are required. It will be easier to get a total valuation if the bungalow has brick “skin” or other insulation. LTV ratios may be limited.

Match with a specialist in bungalow mortgages

Our mortgage brokers specialise in mortgages for bungalows and properties of non-standard construction.

Their knowledge and experience will make getting mortgage approval for your first mortgage application much more straightforward. They will introduce you to specialist lenders who offer specialist finance.

If you require investment mortgage contracts for bungalows, we are here to help so contact us today

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I need a Woolaway bungalow can I get a mortgage?

Many defects in Woolaway bungalows are not repaired, making them difficult to live in, mortgage or sell. Before purchasing a property, ensure you are familiar with the costs and work involved in maintaining and repairing it.

Contact us now for specialist advice regarding every type of bungalow and getting a mortgage.

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