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Helping You Secure A Steel Framed House Mortgage
While steel framed houses are considered non-standard construction and many high-street lenders may decline your application, securing a mortgage is absolutely possible with the right approach. At When the Bank Says No, we specialise in finding mortgages for steel framed properties and have helped countless homebuyers achieve their dreams when traditional lenders turned them away.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Achieve A Mortgage For A Steel Frame Property
We understand how frustrating and disheartening it can be when mainstream lenders reject your mortgage application simply because the property of your dreams has a steel frame. You’ve probably already fallen in love with the house—only to hit this unexpected roadblock. Or maybe you’re worried about refinancing your existing steel framed home.
Either way, that’s exactly why we’re here. When other brokers have failed, we’ve succeeded. We know which lenders are likely to say yes, what they’re looking for in applications, and how to present your case in the best possible light.
What Qualifies as a Steel Framed House?
A steel framed house is a property where the main structural framework is made of steel rather than traditional timber or brick. These homes typically have a skeleton of steel beams and columns that support the building’s weight and provide its structural integrity. The steel frame is then clad with various materials, such as concrete panels, brick, or metal sheets to create the walls and exterior finish.
Most steel framed houses in the UK were built between the 1940s and 1960s to address post-war housing shortages. That said, modern eco-homes often use steel construction too.
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What Steel Frame Construction Types Are There in the UK?
Several distinct types of steel framed houses were built across the UK, each with its own construction method. Knowing which type your dream home falls under can affect your mortgage approval.
The most common is the BISF (British Iron and Steel Federation House), which features distinctive steel cladding on its upper floor. Other notable types include:
- Arrowhead
- Birmingham Corporation
- British Housing Trusteel MkII
- Trusteel 3M
- Telford
- Steane
- Flakiner-Nutall
- Keyhouses Unibuilt
Note: Each type has its own specific lending criteria. It’s why specialist knowledge is highly recommended when arranging these types of mortgages.
How Are Steel Framed Houses Different From Standard Ones?
The main difference lies in their construction method and materials. While traditional homes rely on brick, block, or timber frames, steel framed houses use prefabricated metal components as their primary structural support.
These materials affect everything from the home’s thermal performance to their maintenance requirements. Yes, steel frames typically offer excellent durability and fire resistance, but they can be prone to condensation if not properly maintained.
They also tend to have different insurance requirements and can require specialist surveyors for valuation purposes.
Why Is It Hard to Get a Steel Framed House Mortgage?
Limited Lender Options
Many lenders simply won’t consider steel framed properties. Their lending policies often restrict them to ‘standard construction’ homes only, which mean brick or stone walls with a slate or tile roof.
As a result, this significantly reduces your options and makes finding a willing lender almost impossible.
Higher Risk Assessment
Lenders view steel framed houses as higher risk for several reasons. The potential for structural issues, particularly corrosion in older properties, can affect the home’s long-term value.
Some steel framed houses have also experienced problems with insulation and condensation, making lenders more cautious about their future marketability.
Complex Valuation Process
As mentioned, steel framed properties require specialist surveyors who understand non-standard construction.
These surveys often need to be more detailed than standard property assessments, focusing on specific aspects like frame condition and any historical repairs. This can make the valuation process more expensive and time-consuming.
Resale Concerns
Lenders worry about the future resale value of steel framed houses. Since fewer buyers can secure mortgages for these properties, the potential market is smaller. This reduced demand can affect property values and make lenders hesitant about offering competitive mortgage terms.
Insurance Requirements
Special buildings insurance may be required for steel framed properties, which can be expensive and hard to obtain. Lenders need to know that the property is adequately protected, and some may decline applications if suitable insurance can’t be arranged.
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What Are the Deposit Requirements for Steel Framed Houses?
While standard properties might require 10-15%, aim for at least 20-25% for your steel framed home. Some lenders may even require up to 30-35%, depending on the property’s condition and construction type.
Note: This reduced loan-to-value ratio helps offset the perceived risks and opens up more lending options.
What Factors Affect Your Chances of Mortgage Approval on a Steel Framed Property?
Construction Type
The specific type of steel frame construction significantly impacts your chances of approval. Some designs, like well-maintained BISF houses, are generally viewed more favourably by lenders than other variants.
Having detailed information about your property’s construction method and any modifications or improvements helps us target the right lenders from the start.
Present Condition and Future Maintenance
Lenders look closely at the current state of the property and its maintenance history. They want to see that the steel frame is in good condition, with no signs of corrosion or structural issues.
Regular maintenance records and any certificates from professional inspections can significantly strengthen your application. Well-maintained properties, for example, with modern improvements like updated insulation are more likely to secure competitive mortgage terms.
Potential Repairs
Any identified repair needs will influence both the property’s valuation and your mortgage options. The surveyor’s report is crucial here – they’ll assess whether repairs are necessary immediately or likely to be needed in the future.
Minor issues may not be deal-breakers, but major structural repairs demand you to complete before a mortgage is approved.
Saleability and Local Demand
The property’s location and local market conditions play a vital role as well. Lenders assess whether similar properties in the area have sold successfully and how long they typically stay on the market.
Strong local demand and a history of successful sales can make lenders more confident about offering a mortgage. Limited demand, however, might restrict your options.
How To Boost Your Chances Of Your Mortgage Application Being Approved: 5 Pro Tips
Get a Specialist Survey Early
Don’t wait until you’re deep into the mortgage process. Commission a specialist steel frame survey before making an offer or applying for a mortgage.
This step gives you a clear picture of the property’s condition and helps us approach the right lenders straight away. Remember: a positive survey report can boost any mortgage application.
Prepare Your Documentation
Gather comprehensive evidence of the property’s maintenance history, including any repairs, improvements, or modifications. Keep certificates from previous surveys, guarantees for any work done, and documents showing regular inspections.
Having this paperwork ready demonstrates responsible ownership on your behalf, thus fast-tracking your application.
Also Read: What do mortgage lenders look for when it comes to eligibility?
Check Your Credit Score
Before applying, make sure your credit report is in the best possible shape. Clear any errors, settle outstanding debts, and avoid taking on new credit commitments. A strong credit score can help balance out the non-standard construction aspect of your application.
Choose the Right Broker
At When the Bank Says No, we know which lenders are currently accepting steel frame properties and their specific requirements. This targeted approach saves time and maximises your chances of approval.
Also Read: How Long Does a Mortgage Application Take Through a Broker?
Consider Property Improvements
If the property needs work, consider getting quotes for necessary improvements before applying.
Some lenders offer mortgages that include funds for renovation, but they’ll want to see detailed plans and costs. Plus, having this information ready shows you’re serious about maintaining the property.
Frequently Asked Questions
Can I get a mortgage on a steel-framed property with bad credit?
Yes, it’s possible to secure a mortgage on this type of property, though you’ll need to work with specialist lenders who understand both non-standard construction and adverse credit.
A larger deposit (usually 30% or more) will likely be required, and interest rates may be higher. We can help find lenders who’ll consider your individual circumstances.
I have a standard property with a steel-framed extension, will I still be able to get a mortgage?
Generally, yes. While some lenders may be cautious, many are more flexible about steel-framed extensions than fully steel-framed properties. The key factors here will be the size of the extension relative to the main property and its condition.
Can I get a mortgage for a BISF construction?
Yes, BISF houses are one of the more widely accepted types of steel frame construction. Many specialist lenders are familiar with these properties and have specific lending criteria for them. With our expertise in BISF mortgages, we can identify the most suitable lenders and secure competitive rates.
Can you renovate a steel frame house?
Absolutely! Steel frame houses can be renovated, and many lenders offer specific renovation mortgages for this purpose. You just have to work with contractors experienced in steel frame houses and obtain the necessary building approvals.
Trusting Us With Your Steel Framed House Mortgage
Securing a steel framed house mortgage doesn’t have to be an uphill battle. At When the Bank Says No, we’ve built our reputation on turning mortgage challenges into success stories. Our specialist team understands the unique complexities of steel frame properties and has the expertise to solve them efficiently.
As whole-of-market mortgage brokers, we have access to specialist lenders who understand steel frame construction and are willing to lend on these properties. Our team knows exactly which lenders to approach based on your specific circumstances.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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