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Q&As
Is steel frame stopping us getting a self build mortgage?
We’ve been through a torturous experience trying to get a self build mortgage.
We have used an architect who has designed a partly steel frame build.
We have been through the self build mortgage application via a leading broker. However, now the building society, having taken almost £1,000 of our money in valuation fees, has refused us a mortgage – apparently because of the steel aspect.
Nowhere in any of the documentation was steel frame stated as an excluded build type.
We intend to try and get our money back (the broker has not been helpful) but I am keen to know whether steel is a no-no from a self build perspective?
Thanks in advance for any help.
Answers
Hi Richard,
The fact you’re using steel frame shouldn’t rule you out of accessing self build funding, especially if you’re dealing with a broker and building society that specialises in this kind of lending and you’ve already stated your preferred structural system before making an application for funds.
It sounds as though something in your application has flagged up a warning signal. Resolving the issue could be as simple as looking over the drawings again and checking whether the wording of your application puts your scheme across in the best possible light. If you’d like us to try to put you in touch with a suitable expert to help, please email us on buildit(at)castlemedia.co.uk and we’ll endeavour to assist.
Best wishes,
Chris (Deputy Editor & Online Editor, Build It magazine)
Can I ask if a mortgage provider was found? We are facing a similar issue – struggling to find, via a broker, a steel frame self build mortgage supplier, who won’t offer without a £1000 valuation fee, and then could still decline us…
Thanks in advance.
Barry and Ali
