Mortgage Concerns BISF Help?
We are most worried to purchase a BISF house, as every one tells us that if we purchase then we can only sale to cash buyers . Is this correct?
Responses
You must be logged in to post a comment.
Not a new mortgage, but Halifax are now offering us either 3.14% fixed for two years or 3.69% fixed for four years as the LTV has dropped below 80%, this seems a lot more competitive with other lenders than the rates two years ago for 85% LTV.
Ed
Currently have a mortgage with HSBC, when I first bought the house 5 years ago in 2008 I took out the mortgage with Santander. Halifax provide my buildings insurance.
Our mortgage deal with Halifax ends in mid January, it was a two year fixed rate deal. It’s not a problem, as it actually goes down a bit to their standard rate. However, does anyone know if there are any other lenders who will accept a house with an asbestos roof? Was just wanting to get the best rate!
Ed
Hi HAPPY NEW YEAR … we got our with Halifax now we started the mortgage with Santander with turned out to be wasting our time gave up on them went to Halifax all done in 2 weeks where Santander was taking 8/9 weeks got insurance with Halifax too just waiting on solicitor now to finish his part
Hi,
We bought a BISF house in Septmeber 2012 and had no problems getting a mortgage. As you did, we thought that we would be limited for choice so we went to a mortgage advisor, but got a mortgage with Santander without any issues.
Hope this helps
Hi,
I am looking at buying a BISF house and have a prearranged 90% LTV mortgage with Halifax. They have said that they will not lend on the house if the cavity walls have been filled with insulation. I am still waiting to hear from my broker on how do they know.
My question to the community here is, how do you know if cavity insulation has been added?
cheers
Spencer
We remortgaged at 3.1% with Halifax a year ago – paid for fully refurbished roof, cladding, insulation and reworked sewer works. Before refurbishment nobody would touch the house but at least now nationwide will.
Morning!
what a great find this site is!
i own an estate agents in south wales and my gran has just passed away who lived in a BISF home. to be honest, i was under the impression that after halifax withdrew from the market a few years ago that they were cash-only buys so this is great news.
can i ask, for those that have recently had a mortgage on a BISF property, what was the LTV and interest rate?
did you have a problems with survey, i.e getting the surveyor to understand the difference between a pre-fab and a BISF?
I bought as a BTL with Birmingham midshire. LTV was 75%. no issues with survey.
Just got a buy to let mortgage with Birmingham midshire
Yep, moved in two weeks ago- first time buyer. Mortage with Halifax.
Dont believe the hype ;)
Usefull link
http://www.mortgages-remortgages.com/steel-frame-clad-mortgages.php
I am in the process of buying a BISF house in Canley, Coventry. My mortgage is with Halifax
Welcome to BISF House Azita
The advice you are being given is 100% wrong I’m afraid. BISF Houses are perfectly mortgageable and there are several lenders willing to provide Mortgages for this type of house.
Far too often people think that these houses are prefabs which were designed with only 10 to 15 years life. This is not the case. BISF are not prefabs, they are steel framed houses of Non-Traditional Construction. There is a huge difference between the two.
In fact most of the members of this community have a Mortgage and most that decide to sell will sell to someone buying with a mortgage and not cash.
I would suggest speaking to a good estate agent if you are unsure, I certainly would have no problem buying another BISF House, and I do know that I would be able to obtain a Mortgage on one if required.
Out of interest, who has told you this?
Regards
Marc (Admin)