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If your home is built from concrete, steel or timber rather than traditional brick or stone, you may still be able to use it as security for a secured loan.
Although some lenders have restrictions on non-standard construction properties, others will consider them, including certain precast reinforced concrete (PRC), Wimpey No-Fines, Laing Easiform, BISF steel-framed and timber-framed homes.
The exact construction type matters. Some properties are accepted under a lender’s normal criteria, while others need a specialist review, additional documents or evidence of repairs.
At Willows Finance, we work with secured loan lenders that consider a range of non-standard construction properties. We can help identify which lenders may accept your home before you proceed with an application.
Yes. Some secured loan lenders accept properties built using non-traditional materials or construction methods.
Examples include:
Precast reinforced concrete (PRC) houses
Wimpey No-Fines concrete properties
Laing Easiform concrete properties
Steel-framed homes, including BISF houses
Older hardwood timber-framed properties
Modern softwood timber-framed homes
However, lenders don’t all treat these property types in the same way. They may consider the construction method, age, condition, repair history and whether the property would be suitable security for the loan.
Some applications can proceed under normal lending criteria. Others may need to be referred to an underwriter or assessed by a valuer with relevant experience.
If you know how your property was built, tell us when you enquire. That information can help us identify suitable lenders from the outset.
Yes. Specialist secured loan lenders can consider some precast reinforced concrete (PRC) properties, subject to their lending criteria.
PRC houses were built using concrete components manufactured in advance and assembled on site. Many were constructed during the twentieth century, particularly to meet housing demand around and after the Second World War.However, not all PRC properties are treated the same way by lenders.
Certain PRC construction types were designated as defective under housing defects legislation, including the Housing Defects Act 1984 and the Housing Act 1985.Other PRC construction types are not on those designated lists.This distinction is important when applying for a secured loan.
If your home is a designated defective PRC type, lenders may require evidence that an approved or otherwise acceptable repair scheme has been completed.
They may ask for a relevant PRC repair certificate or other documentation confirming the work carried out.Whether the property is acceptable will depend on the construction type, repair history, certification and individual lender criteria.Some lenders may decline certain PRC types even where repairs have been undertaken.
If your PRC construction type isn’t designated as defective under the relevant legislation, some lenders may assess it under their normal property criteria, rather than automatically requiring a PRC repair certificate.
A valuation or lender referral may still be necessary to confirm the construction type and its suitability as security.This is why it’s important not to assume that every PRC property needs the same repairs or paperwork.
At Willows Finance, we can help establish which lenders may consider your particular PRC construction type and whether additional evidence is likely to be required.
Not necessarily.
Whether you need a PRC repair certificate depends on the type of property, its repair history and the lender’s requirements.
For designated defective PRC construction types, a lender may require evidence of an acceptable repair scheme.
For other PRC properties, the lender may be satisfied with confirmation of the construction type and a suitable valuation.
A PRC repair certificate is different from a general document identifying how the property was originally built.
If you have a PRC certificate, repair paperwork or an earlier survey, it can be useful to provide this when making an enquiry.
If you don’t have the paperwork, we can explain what the proposed lender may need before you incur the cost of obtaining further reports.
Yes. We work with several secured loan lenders that can consider Wimpey No-Fines properties. Wimpey No-Fines is a form of non-standard concrete construction that became widely used during the twentieth century.
Unlike traditional brick construction, these homes use concrete walls made with a particular mix that contains little or no fine aggregate.
Although they’re classed as non-standard construction, Wimpey No-Fines properties aren’t automatically unacceptable to secured loan lenders.
The lender will consider the property’s condition, valuation and its own construction criteria. Depending on the lender, an application may be accepted under normal criteria or referred for further review.
If your home is a Wimpey No-Fines property, our advisers can check which lenders may consider it and whether a specialist valuation is likely to be required.
Yes. Some secured loan lenders accept Laing Easiform properties as security.
Laing Easiform is another form of concrete construction, using concrete cast into formwork on site.
These properties have been built in the UK since the early twentieth century and are found in various parts of the country.
Lenders may treat Laing Easiform differently from other concrete construction systems, including designated defective PRC types.
The lender will usually need to confirm the construction method and be satisfied with the property’s condition and valuation.
We work with lenders that can consider Laing Easiform homes and can help establish whether your application needs an underwriting referral.
Yes. Some lenders will accept steel-framed homes, although their criteria may depend on the particular construction system.
Steel-framed housing became more common during the twentieth century, particularly when alternative building methods were needed to address housing shortages. Steel framing is also used in some modern residential developments.
Lenders may want to know:
Which steel-frame construction system was used
When the property was built
Whether the frame is in satisfactory condition
Whether there have been any structural alterations or repairs
Whether the property is readily saleable and suitable security
For some modern properties, the lender may ask for relevant building warranty documentation, such as an NHBC Buildmark warranty, where applicable.
Older steel-framed homes may require different evidence, depending on the construction system and any known defects.
If you own a steel-framed property, identifying the construction type can help us find a lender with suitable criteria.
Yes. We work with specialist lenders that can consider BISF houses, subject to their property and affordability criteria.
BISF stands for British Iron and Steel Federation.
BISF houses are a recognised type of steel-framed, non-standard construction housing introduced in the UK after the Second World War.
They are commonly found as semi-detached properties, although other layouts exist.
BISF houses are not the same construction type as Airey houses or other precast concrete systems, and they shouldn’t automatically be treated as equivalent.
Although BISF properties have sometimes been described as temporary or prefabricated housing, that description can be misleading. The lender’s assessment should focus on the actual construction system, condition and valuation.
Some secured loan lenders may accept BISF properties following a referral, while others have specific restrictions.
The lender may also want to confirm the property’s location, style and any structural repairs or alterations.
If you own a BISF house, tell us this when you enquire. We can identify lenders that may consider the property rather than submitting an application to a lender that excludes this construction type.
Yes. Many secured loan lenders accept timber-framed homes, although they may distinguish between older period properties and modern timber-frame construction.
Traditional timber-framed houses, including period properties with exposed or concealed hardwood frames, are accepted by many lenders subject to valuation.
The valuer may consider the building’s condition, maintenance and any structural issues.
Modern timber-frame houses are also accepted by many lenders.
Depending on the property’s age and construction, the lender may request relevant building warranty documents or other information about the development.
Timber framing alone doesn’t mean a property is unsuitable for a secured loan.
If you’re unsure whether your home is classed as standard or non-standard construction, our advisers can help establish what information the lender is likely to need.
Lenders need to establish that a property provides suitable security for the amount being borrowed.
For a conventional property, some lenders may be able to rely on an automated or desktop valuation.
However, non-standard construction properties are more likely to require an in-person valuation, particularly where the lender needs to confirm the construction method or assess its condition.
This may apply to PRC, Wimpey No-Fines, Laing Easiform, BISF and other steel-framed properties.
A physical valuation may also be requested where the lender has limited information about the property or there isn’t enough reliable local sales evidence.
The valuer may consider:
The construction type
The property’s condition
Evidence of structural defects or repairs
Any relevant certificates or supporting reports
The property’s market value and saleability
The lender will then use the valuation, together with its lending criteria and your financial circumstances, to decide whether it can offer the loan and how much may be available.
A valuation doesn’t automatically mean the application will be accepted, but it can help establish whether the property meets the lender’s requirements.
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The documents required will depend on the construction type and the lender.
You may be asked for:
A previous survey identifying the construction method
PRC repair certification, where applicable
Evidence of structural repairs or alterations
Building warranty documents for relevant newer properties
Structural engineer reports, where required
Details of any known defects or remedial work
Standard income, affordability and existing mortgage information
Not every borrower will need all these documents.
If you already have a survey or repair certificate, providing it early can help us identify suitable lenders.
If you don’t have the documents, it’s worth speaking to us before commissioning a new report, as different lenders may have different requirements.
Potentially.
A decline based on non-standard construction doesn’t necessarily mean every secured loan lender will reject the property.
For example, one lender may exclude a particular steel-frame system, while another may consider it following a valuation or underwriting referral.
Similarly, a PRC property may need a different assessment depending on whether its construction type is designated as defective and whether acceptable repairs have been completed.
If you’ve already been declined, tell us the reason given by the previous lender and, if possible, the exact construction type.
We can check whether another lender’s criteria may be more suitable before you proceed.
Owning a PRC, concrete, steel-framed or timber-framed home doesn’t automatically prevent you from getting a secured loan.
What matters is finding a lender that understands and accepts your particular construction type.
At Willows Finance, we work with lenders that consider a range of non-standard properties, including Wimpey No-Fines, Laing Easiform, BISF and certain PRC homes.
Our advisers can help identify whether your property is likely to meet a lender’s normal criteria, needs a referral or requires additional documentation.
Know your property’s construction type? Tell us when you enquire so we can check suitable lenders from the outset.
Request a free, no-obligation quote or call 01656 766 158 to discuss your property with one of our experienced advisers.
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 06678545 (Registered in England and Wales)
This document explains the services we provide, the range of lenders and products we consider, how mortgage advice may be provided, and how Willows Finance may be paid. Please read it carefully before proceeding with an application.
If you need clarification about any part of this document, please contact us on 01656 766158.
Willows Finance arranges first and second charge mortgage products. Depending on the circumstances of the application, these may include:
We also arrange both regulated and unregulated bridging finance.
Not every product will be suitable or available to every customer. The products considered will depend on your circumstances, borrowing requirements, purpose of the borrowing, property, intended use of the property and the relevant lender criteria.
Depending on your circumstances, Willows Finance may:
If you are looking to increase borrowing secured on a property which already has a regulated mortgage, there may be different ways of raising the additional funds. Depending on your circumstances, these may include:
Where applicable, we will make you aware of these alternatives before proceeding. The options we are able to assess or advise on will depend on the service being provided and the lenders available to us.
The regulatory status of a mortgage or bridging loan depends on the circumstances of the transaction, including the property, how it is or will be occupied, the purpose of the borrowing and the customer’s circumstances.
Our business includes:
We will identify the regulatory status applicable to your application and explain the service and protections that apply. The protections available to you can differ depending on the type of mortgage or loan.
The range of lenders and products we consider depends on the type of finance you require.
We offer a comprehensive range of second charge mortgages from across the relevant market using a representative panel of lenders. We review our panel regularly to ensure that it remains sufficiently broad and representative. We do not consider products that are only available by applying directly to a lender.
We only offer first charge mortgages from a limited panel of 13 lenders. We consider the first charge mortgage products made available to us by Kensington Mortgages, The Mortgage Works, Aldermore, United Trust Bank (UTB), Together, Masthaven, West One, Norton, Bluestone, Vida, Pepper Money, Mansfield Building Society and Nationwide Building Society.
We do not offer every first charge mortgage available from across the market.
We consider products from a range of lenders available to Willows Finance for the relevant transaction.
Consumer Buy-to-Let and unregulated Buy-to-Let applications are considered within the relevant first charge, second charge or bridging route, depending on the structure of the transaction.
We do not provide a whole-of-market service and do not claim to consider every mortgage or secured finance product available in the UK. Our assessment is based on the lenders and products available through our lender and distribution arrangements.
Where the applicable regulatory rules require us to identify the lenders whose products we offer, the relevant lender list will be provided to you in a durable medium as part of the initial disclosure for your application. A lender list is also available on request where applicable.
The service provided will depend on the lender, product and application route identified for your circumstances.
Where Willows Finance provides the mortgage advice, we provide an advised mortgage broking service. We will obtain information about your needs and circumstances, assess the lending options available within the scope of our service and, where appropriate, make a mortgage recommendation.
We will make it clear where Willows Finance provides the mortgage advice and recommendation.
We may also provide a packaging service. This is a non-advised administrative service under which we may collect information and supporting documents, complete administrative checks, liaise with the relevant parties and submit or progress an application.
When we provide a packaging service, we do not assess the suitability of the mortgage, provide mortgage advice or make a personal recommendation. Any regulated mortgage advice or recommendation will be provided by the appropriately authorised intermediary responsible for advising you.
Our packaging service is not a regulated advisory service. However, the mortgage itself and any arranging activity connected with it may still be regulated and subject to the applicable regulatory requirements. We will explain the nature and regulatory status of the service we are providing before you proceed.
For some applications, particularly certain second charge mortgage applications, our sourcing exercise may identify a route where the subsequent mortgage advice is provided by another regulated mortgage intermediary.
In these cases, the Willows Finance service may include:
After the introduction, the receiving intermediary may take over the detailed application, advice and recommendation process. We will make it clear where this type of referral arrangement applies.
Where our sourcing process identifies Evolution Money Limited as an appropriate route and we introduce your application to Evolution Money, Willows Finance will not provide the regulated mortgage advice or make the final mortgage recommendation in relation to the Evolution mortgage.
Following the introduction, Evolution Money Limited will take over the detailed application and advisory process. Evolution Money will assess your needs and circumstances and will be responsible for any regulated mortgage advice and recommendation it provides in relation to the Evolution mortgage.
Willows Finance remains responsible for the service it provides before and in connection with the referral, including its initial assessment, sourcing and introduction activity.
If you are experiencing financial difficulty, or if you are considering borrowing to consolidate existing debts, free and impartial debt advice is available from MoneyHelper and other free debt-advice organisation.
MoneyHelper: www.moneyhelper.org.uk
You should consider obtaining free debt advice if you are unsure whether further borrowing or debt consolidation is right for you.
We process your personal information in accordance with our Privacy Policy. Where we introduce you to a lender or another intermediary, that organisation will process your information in accordance with its own privacy information.
Willows Finance Privacy Policy: willowsfinance.co.uk/privacy-cookie-policy/
The way Willows Finance is paid depends on the lender, product and application route. We may receive a fee paid by you, commission paid by a lender or another third party, or a combination of these. We will explain the basis on which we will be remunerated in connection with your application.
Where Willows Finance off an advised service our fees are split into two parts. A fee for the advice you receive and a fee for the processing of the application to completion. Both of these fees can be added to the loan rather than paid upfront or you have the option of paying them in advance. We do not arrange loans below £10,000.
For the advice the fee is as follows;
For a first charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
For a first charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
| Service | First charge | Second charge |
|---|---|---|
| Advice fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
| Processing fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
On borrowing of £10,000 5% would be £500, but the minimum fee for advice and processing means that we would charge £625 for each to £1250 in total.
On borrowing £20,000 the total fees would be £2,000
On borrowing £50,000 the maximum fee means that we would charge a total of £2500 for a 1st charge mortgage and £3500 for a 2nd charge mortgage.
If your mortgage or loan completes following an introduction made by Willows Finance, we will receive commission from the lender or another third party in the distribution chain unless we tell you otherwise. Different lenders may pay different amounts and may use different commission models.
Commission models may include:
The availability or amount of commission does not determine which lender we consider appropriate for your circumstances. Where applicable, we will tell you that commission will be received.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), where the exact amount of commission is not known at the time of the initial disclosure, we will tell you that the actual amount will be disclosed later in the ESIS. Where applicable and on request, we will also provide information about how commission levels vary between lenders offering the mortgage being considered.
Where we introduce you to Evolution Money, the commercial arrangement is different from a broker fee charged directly by Willows Finance.
Under the current Evolution arrangement, Evolution Lending charges a Product Fee equal to 10% of the net loan advance, subject to a maximum of £5,000. If the mortgage completes, Evolution pays the corresponding amount to Willows Finance as commission/remuneration for the sourcing, distribution and introduction service.
The amount of the product fee and the amount of remuneration payable to Willows Finance will be disclosed to you in the relevant mortgage documentation before completion.
Example: on a £10,000 net advance, a 10% Product Fee would be £1,000. The actual Product Fee and the amount of commission payable to Willows Finance will be set out in the relevant Evolution mortgage documentation before completion.
If you choose to add a Product Fee or other fee to your mortgage, interest will be charged on that amount while it remains outstanding, increasing the total amount you repay.
Where a Willows Finance fee is payable only on completion, it will not become payable if the mortgage does not complete. Any fee payable before completion, third-party costs and the circumstances in which a fee is refundable or non-refundable will be explained where applicable.
Fees which have become payable following completion are generally non-refundable unless the relevant contractual terms, applicable law or regulatory redress require otherwise.
Before you become bound by a regulated mortgage, you will receive the relevant mortgage illustration or European Standardised Information Sheet (ESIS) and the lender’s offer documentation as applicable.
These documents contain important information about the proposed mortgage, which may include:
Please read these documents carefully. If anything is unclear or does not reflect your understanding, contact the firm responsible for the advice or recommendation before proceeding.
You may tell us that you no longer wish to proceed with an application before completion. Whether any third-party cost is payable or refundable will depend on its own terms.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), the lender will provide a binding offer with a reflection period of at least seven days. You may normally accept the offer during that reflection period if you decide to proceed.
Once a mortgage has completed, there is generally no right simply to cancel or withdraw from the mortgage. You may have a right to repay the mortgage early in accordance with its terms, and an early repayment charge may apply.
Always check the early repayment section of the ESIS and mortgage offer before completion if early repayment or regular overpayments are important to you.
If you miss or make late payments, the lender may apply charges, and your credit record may be affected. Continued failure to maintain payments may result in enforcement action and ultimately repossession of the property used as security.
If you are experiencing financial difficulty, contact your lender as soon as possible and consider obtaining free independent debt advice.
Consolidating existing debts into a mortgage can reduce monthly payments but may increase the total amount of interest you pay if the borrowing is repaid over a longer period.
Debts which are currently unsecured may become secured against your home. Extending the repayment period may mean that you pay considerably more overall even where the monthly payment is lower.
Interest rates on variable-rate mortgages can increase, which may increase monthly repayments and the total amount repaid.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
If you are dissatisfied with any aspect of the service provided by Willows Finance, please contact us:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Telephone: 01656 766158
Email: [email protected]
We will investigate your complaint in accordance with our complaints procedure. If you remain dissatisfied with our final response, or in other circumstances where you are eligible to do so, you may be able to refer your complaint to the Financial Ombudsman Service.
Financial Ombudsman Service: www.financial-ombudsman.org.uk
Where another regulated intermediary has provided the mortgage advice or recommendation, complaints about that firm’s advice should normally also be raised with that firm. You can still complain to Willows Finance about the service provided by Willows Finance.
The Financial Ombudsman Service can generally consider complaints about regulated or otherwise covered activities, including certain activities that are ancillary to them. It may not be able to consider a complaint that relates solely to an unregulated product or service and has no connection with a regulated or otherwise covered activity. Whether a complaint falls within its jurisdiction will be determined by the Financial Ombudsman Service based on the individual circumstances.
Willows Finance Limited is covered by the Financial Services Compensation Scheme for eligible regulated activities. If an authorised firm is unable to meet an eligible claim, compensation may be available from the FSCS.
For protected home finance mediation, the current compensation limit is 100% of an eligible claim up to £85,000 per eligible claimant, per firm. Eligibility depends on the circumstances of the claim and the applicable FSCS rules.
FSCS protection does not generally apply to a claim arising solely from an unregulated product or service, including any packaging service that falls outside regulated home-finance mediation. Whether a claim is eligible will depend on its individual circumstances and the applicable FSCS rules.
Further information: www.fscs.org.uk
Once we have received sufficient information about your circumstances and requirements, we will carry out the relevant initial assessment and sourcing process and explain which application route applies to you.
Where Willows Finance provides the mortgage advice, we will continue through our advised mortgage process and explain any recommendations made.
Where your application is referred to another regulated intermediary, such as Evolution Money, we will explain that the receiving intermediary will take over the subsequent application and advisory process where applicable.
Please review all mortgage illustrations, ESIS documents, fee and commission disclosures, offer documents and other terms carefully before deciding whether to proceed. If anything is unclear, ask before committing to the mortgage.
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