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What is a Wimpey no fines Mortgage?
If are purchasing or remortgaging a house built with concrete, instead of the traditional brick, the likelihood is the property could be what’s called a Wimpey no fines property. For this type of property you will need a Wimpey no fines mortgage and not all mortgage lenders will offer you a mortgage on this type of property. Most lenders would treat a Wimpey no fines property as non-standard construction and therefore you need to ensure you approach the right lender.
There are many different types of concrete properties potentially available and getting a mortgage for this type of property might seem like an overwhelming task so to increase your chances of getting approved it is important to do your research and work with a specialist broker who can help you navigate the process.
What is Wimpey no fines?
Wimpey no fines refers to a type of construction method used in the mid-20th century by the Wimpey construction company, which is now part of Taylor Wimpey. These houses were constructed using a technique called “no fines” concrete construction.
The “no fines” technique involves using concrete without fine aggregates (such as sand) in the mix. Traditional concrete mixes consist of cement, sand, and aggregate. In “no fines” concrete, the sand or fine aggregate is omitted.
Can you get a Wimpey no fines mortgage on a property in the UK?
Yes, it is certainly possible to get a Wimpey no fines mortgage on a property in the UK. There are some lenders that will be an outright no, so you need to make sure you approach the right mortgage lender.
Depending on when the property was built lenders may have different requirements. As a general rule, a property-built post 1945 will be more acceptable to lenders. It is likely that you will need to get a specialist survey report completed on the property for the lender. You may find some lenders will restrict the loan to value and ask for a higher deposit as a result.
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Why is it harder to get a mortgage on a Wimpey no fines house compared to a standard construction property?
Mortgage providers may be more cautious when lending on properties built using concrete, as they are often more difficult to value, and resale can be an issue. In addition, insurance can also be more expensive for concrete construction properties, as due to their non-standard construction they can often be classified as higher risk.
However there are many lenders who do accept mortgages on this type of property. Sometimes a Wimpey no fines property can be a cheaper than a standard construction property, which will give you the opportunity to buy a bigger house.
Do you need a PRC Certificate for a Wimpey No-Fines house?
You do not need a PRC Certificate for a Wimpey No-Fines house. This is because Wimpey No-Fines houses are not PRC houses, nor are they classified as “defective”. “PRC” stands for pre-cast reinforced concrete. Wimpey No-Fines is a type of in-situ concrete house.
How much deposit will I need for a Wimpey no fines mortgage?
Most lenders will require a higher deposit than if you were to purchase a more traditionally built property. However it is possible to obtain a Wimpey no fines mortgage with as little as a 10% deposit. However the more deposit you have the more mortgage lenders will be available to you.
What can affect a mortgage lender’s decision on a Wimpey no fines property?
When applying for a Wimpey No Fines mortgage on a property in the UK, there are some key criteria mortgage lenders will look for when deciding whether they will approve a mortgage on a Wimpey no fines property.
- Condition – If there is signs of cracking in the property, it is unlikely a lender would deem the property suitable unless work had been carried out to rectify the problem.
- When property was built – Methods of construction have improved over time, properties built post 1945 are more acceptable with lenders, however many lenders will be happy with a pre-1945 property, provided the condition of the property is sound.
- Type of property – Some lenders will not lend on a Wimpey no fine flat and some will not want the property to be more than 2 storeys high.
- Your personal circumstances – You will also need to fit the lenders criteria, generally speaking there are lenders offering this type of mortgage for all types of clients, whether you are a first-time buyer, self-employed or have had some bad credit in the past, there are lenders available to you.
What costs may I have to pay to get a mortgage on a Wimpey no fines property?
Buying a non standard construction property will be more expensive than a standard construction property. The main cost will be the survey required by the lender. The initial survey from the lender could be free, however depending on this report, the lender may ask for a specific survey to be completed.
It is likely they will ask for a specialist survey carried out by a qualified engineer or surveyor with expertise in concrete construction and Wimpey No Fines Construction properties to be carried out. I would recommend you instruct a structural survey for peace of mind regardless of the instruction of the mortgage lender.
You may find home insurance is more expensive than a traditional property and costs of maintaining the property may also be higher.
What are the most common types of concrete construction properties in the UK?
Wimpey No Fines is the most common type of concrete construction in the UK and examples can be found across many areas of the country. It was used extensively from the 1940s onwards due to the lack of labour after the 2nd world war.
Laing Easi-Form is another very common form of concrete construction which is similar to Wimpey no fines and is therefore usually assessed in the same way.
Other types of concrete construction you may come across are:
- Dorran
- Woolaway
- Reema
- Orlit
- Airey
The above type of concrete construction will need a PRC certificate to be obtained and worked carried out before lenders would deem acceptable. So if you are looking at a concrete property, it is worth finding out what type of construction it would fall under.
Can you get home insurance on a Wimpey no fines house?
You can get home insurance on Wimpey no fines houses. However, not all insurers will be willing to offer cover because of the “non-standard” construction type. Insurance premiums may also be higher. This is because the risks and repair costs are less predictable than “traditional” homes.
We can assist you with putting you in contact with a insurance broker with the expertise to get you the best deal for your circumstances.
Can I get a buy to let mortgage on a Wimpey no fines property?
Yes it is certainly possible to obtain a buy to let mortgage. Some mortgage lenders do have a minimum income of £25,000 per year that you will need to earn, but some require no minimum income at all. You will also be restricted to a 75% mortgage.
If this is your first time being a landlord or you are first time buyer, then there are some lenders that will not consider you, and you will want to make sure you apply to the correct lender by using a mortgage broker.
Can I get a wimpey no fines mortgage with bad credit?
Yes, it is possible to get a wimpey no fines mortgage even with bad credit. It would completely depend on the severity of the bad credit. There are specialist lenders that will consider you, however there will be less lenders available to you so getting a mortgage can be much harder. If you are not sure on your credit situation and whether it could affect your mortgage chances, then we would advise to get in contact with us.
Why Choose Switch to Help You?
Whether purchasing or remortgaging, you’ll want access to the best products on the market. We have a proven track record of helping clients with a non-standard construction property and will be able to assist you with your mortgage needs.