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Prefab house mortgage

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Prefab house mortgage

The UK’s prefab homes are often associated with the post-second world war prefabricated homes that were built in the period after it was overthrown. These homes were meant to be temporary replacements for existing homes and although they were intended to be quick, some prefabricated houses exist today.

Prefabricated homes are more commonly used to describe specialist buildings designed and manufactured off-site. These sections can often be shipped and assembled easily.

Prefabricated housing is very popular, especially among millennials who rent and view prefab homes as a cheap option to move up the property ladder.

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Why is a prefab house mortgage different?

Prefabricated houses fall under what the industry calls “non-standard building” or “non-standard construction properties”. Read our guide to learn what is a non-standard construction property.

This can make it difficult for mortgage lenders to lend a mortgage. With the right mortgage providers, you shouldn’t have to worry about getting a mortgage for a prefab home.

Click the link below. We have a few mortgage providers lending a mortgage for a prefab home. Our mortgage brokers will introduce you to the best prefab mortgage lenders. The financial conduct authority regulates each online mortgage advisor. They offer a construction loan and mortgage to non-standard construction properties daily.

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Are mortgages available for prefabricated homes?

They are possible but may be more challenging to obtain than traditional mortgages.

The mortgage industry classifies prefab homes as ‘non-standard construction’. Lenders may be concerned about the property’s future value or the possibility of unforeseen damage.

Lenders who offer a mortgage to prefab houses may ask for a higher deposit as this will protect the investor’s investment. You might also find it more difficult to obtain competitive rates.

When considering a mortgage on a prefabricated home, you should also consider these things.

  • Is it easy to resell a prefab house?
  • What is the cost of homeowner’s insurance for a prefab house?

Prefabricated homes are considered non-standard construction, and lenders are less likely to offer mortgages to them. However, it’s possible.

It is essential to get advice early. You can get a mortgage for a prefab home with the right advice. It’s just a matter of choosing the right lender so click the link below to speak with an online mortgage advisor for a prefab house.

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Can I get a mortgage for a prefabricated home?

Yes, you can find a lender that offers prefab house mortgages for a non-standard construction property. Prefabricated houses are riskier than standard properties and can be more difficult for lenders to finance.

Due to the unique nature of prefabricated homes, lenders’ criteria can differ based on the property and the borrower.

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Although prefabricated homes are generally fine structurally, more cautious lenders won’t offer a mortgage to a property that isn’t standard and will not consider it if it doesn’t meet their criteria.

Finding a lender to help you buy the property you are interested in is possible.

Even if lenders are willing to look at the property, they will likely ask other questions to decide on what type of mortgage they may be able to offer.

After a lender approves you, they may ask for a larger deposit or charge you a higher interest rate because they want to balance risk.

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There are ways to make it easier to get a mortgage to buy a prefabricated home in the UK.

You can do a few things to make it easier to get the prefabricated home you want.

  • Locate a local surveyor that is familiar with approving similar properties to lenders. This will help you determine how difficult it is to obtain a mortgage for your desired property.
  • Suppose prefabricated homes are more common in your area. A high street lender might have some information about what kind of property you’re looking for and be willing to lend to you.

Constitute financial advice by clicking the link; we will find you the best mortgage deal and ensure you have a mortgage approved. The financial services register regulates each exclusive mortgage expert.

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How to get a mortgage for a prefab home

A specialist mortgage broker is the best way to start looking for the right mortgage because of the unique nature of prefab homes.

Many lenders offer very different lender criteria, so choosing the right one is crucial to getting the mortgage you want. Some lenders won’t lend on specific properties, while others will consider the survey and valuation of the property before making a decision.

Finding a lender that will lend on non-standard properties is more complex than if you were purchasing a home made from traditional construction methods.

We work with whole-of-market advisors who have access to all specialist finance lenders that offer mortgages for prefabricated homes in the UK.

They are familiar with dealing with non-standard structures applications; they will be able to answer your questions and assist you in finding a lender who is willing to help.

To speak with a specialist about prefabricated houses, click the link below.

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How do I get a mortgage if I am building a prefab home?

A self-build mortgage may be required if you consider building your own prefabricated home. Lenders will require you to inspect your work regularly and release money as you build your home.

Finding mortgage lenders that lend to prefabricated house borrowers is the best way to get a mortgage for prefab housing.

You should consult a specialist before you build a property with non-standard materials. This will affect the property’s value and saleability.

Begin your journey below with the link. You will speak with a specialist broker who is a mortgage introducer.

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How to find prefab mortgage lenders

If prefab houses are not common in your area, it’s unlikely that a high-street lender will be able to arrange prefab home mortgages for you.

You will likely need to find a specialist lender with experience arranging mortgages for prefabricated houses in the UK.

We work with brokers who are experts in the whole market and have relationships with lenders throughout the UK.

Talk to an expert about getting a mortgage for prefab houses

Click the link to speak with an expert broker and find a lender specialising in prefabricated home mortgages or contact us today to get free expert advice.

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