Innovative modern methods of construction (MMC) is the way forward for people considering building their own home, but many are put off by the perceived difficulty in securing a mortgage, or are not even aware they require a specific mortgage.
While MMC homes are shaking off the ‘prefab’ legacy, the perception that they are difficult to secure a mortgage for remains.
If you are looking to build your own home from scratch then timber frames should be a consideration for your project. This type of structural system has many benefits and by the end of this article you will get a better understanding of why so many self-builders choose to go down the timber frame route.
What Are Timber Frames?
As a traditional method of building which dates back to the 19th century, timber frames are present in many older houses across the United Kingdom but have also been a key part of the build process for the next generation of houses. Whether in walls or in floor constructions timber frame constructions are a significant part of the overall build process.
Why Use Timber Frames?
These days technology plays a crucial role in why timber frames are a popular choice for self-build projects, and that comes down to the fact that they are precision engineered, making them consistent, durable and strong. The ideal components needed for a structure of this kind.
Alongside the fact that precision engineering is involved in the creation of these timber frames, you can also look at how fast they can put assembled on site. As most of the work is done in the factory, the only thing that is needed on site is putting them together. This saves a lot of time and allows the new home owners to move in much quicker, which then in-turn means that the return on investment will come much sooner.
What Kind of House Can I Build With Timber Frames?
Probably the best part of using timber frame structures is that the world really is your oyster, you can build bespoke, custom designs from small to grand and everything in between.
Better yet, timber frame has the lowest CO2 cost of any commercially available building material. As a homeowner you will also benefit from thermal efficiency as homes made from timber frames tend to remain warmer for longer, especially if you opt for an internal layer beneath the plasterboard. This means you could potentially see a reduction in your heating bills.
Many mortgage lenders are happy to accept a mortgage on a timber framed property but usually only where there is masonry between the frame. Other MMC construction materials such as SIPS panels may restrict your choice of lender.
To apply for a mortgage with Earl Shilton Building Society you must be aged 18 or over. All applications will be subject to valuation, status and the Society’s Mortgage Conditions. We offer an advised sales process where we ask questions regarding your mortgage requirements/needs and your income and expenditure to ensure that we recommend the most suitable mortgage for you. We will accept applications from applicants purchasing or remortgaging in England or Wales. Mortgage criteria may differ for MMC properties, which must be approved by BOPAS (Buildoffsite Property Assurance Scheme). For further information, or for a European Standardised Information Sheet (ESIS), please call on 01455 844422 and speak to one of our mortgage advisers, visit one of our branches or email mortgage@esbs.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
