PRC Mortgages for PRC Concrete House Repairs
The PRC Repair Co has been helping our clients arrange mortgages to repair non standard construction PRC houses for over 12 years. If you are looking to take up your Right to Buy, we can help you through all the stages, from the initial Right to Buy application through to the mortgage application, to dealing with Lenders, Solicitors, Structural Engineers, Local Authorities, PRC Certificate and Builders.
If you are looking to arrange a Mortgage and Repair on a PRC Concrete house we can help
Cornish Unit, Airey, Wates, Woolaway, Woolaway Bungalow, Unity, Reema, Gregory, Parkinson, Myton, Hawksley, Underdown, HBL Bungalow, Stent, Smith, Wessex, Orlit, Winget, Newland, Tarran, Boot, Schindler or any other type of PRC construction house.
PRC Mortgage for Right to Buy
In most cases high street lenders will not offer you a mortgage until your PRC property has been repaired and a PRC Certificate of Completion issued. This obviously causes a major problem because you need to buy the house from your Local Authority or Housing Association before the structural repair takes place.
The Halifax have been offering mortgages on PRC homes for many years which enables people to borrow the Right to Buy purchase price along with the extra funds to pay for the PRC repair. The mortgage funds are released in 2 stages, the first stage is sufficient funds to buy your home so that you are now the homeowner. The balance of the funds which will pay for the PRC repair is released once the Structural Engineer issues the PRC Certificate and the building work is complete.
A lot of our clients are now going direct to the Halifax and arranging their own mortgage without having to pay large fees to specialist mortgage brokers, who will arrange your mortgage with the Halifax.
Remortgage and PRC House Repairs
If you are lucky enough to already own your PRC house it is usually straight forward to remortgage with a lot of high street lenders at normal interest rates. The lender will issue you with a mortgage offer and the funds will be released once the Structural Engineer issues the PRC Certificate.
We have completed PRC repairs for a lot of clients who have purchased their PRC homes years ago and have a mortgage with specialised mortgage lenders usually paying a much higher interest rate than offered by the mainstream high street lenders. In some cases we have found that our clients are paying the same monthly cost after their house has been repaired due to paying a much lower interest rate.
We can supply you with all the information your lender requires for the PRC repair and PRC Certificate.
The PRC Repair Co Ltd are not mortgage brokers and do not offer advice on mortgages. The information supplied on this webpage is for information only.
Airey House Construction
Most Airey PRC Houses are repaired under the Halifax Approved Scheme and most clients arrange a mortgage for the repair funds from the Halifax, once the property is repaired most major high street lenders will offer mortgages at normal interest rates.
Cornish Unit PRC
Cornish houses should be repaired under a PRC Homes licensed repair scheme. High street mortgage lenders will offer mortgages at normal rates and should you sell in the future your buyer should find it straight forward to arrange a mortgage to purchase the property.
Cornish Unit Detached Bungalows
Cornish bungalows should always be repaired in the same way as Cornish houses using a PRC Homes Licensed Repair.
Hawksley Schindler
Although a Hawksley PRC looks to be a brick house they are a concrete construction and on the defective house list. A PRC repair should be carried out using a PRC Homes licence as this will acceptable to most major high street mortgage lenders.
Myton Houses
There are a lot of Myton construction PRC houses in Leeds and they are a large panel type of PRC house. Most repairs carried out to these properties are under a PRC Homes licence as the PRC Certificate issued is acceptable to most major high street lenders for mortgages.
Reema Hollow Panel
A PRC Homes licensed repair involves replacing the concrete panel exterior walls with a cavity, block and brick traditional wall. Internally there are concrete beams which also need to be replaced with steel joists (RSJ). It is not possible to live in the property whilst the repairs are carried out. A PRC Homes Licence is acceptable to major high street lenders.
Wrap scheme repair. A lot of Reema houses have been repaired by building a new brick skin around the exterior walls leaving the concrete structure in place. This type of repair is cheaper and quicker to build than the PRC Homes licence repair. Most major high street lenders will not offer mortgages on this type of repair and you should speak to an experienced mortgage broker first.
Stent Construction
Stent houses are usually found around the M25 and there are only 2 PRC Homes licensed repairs which the major high street lenders accept for mortgage lending. Stent houses are straight forward to repair as most of the works are carried out to the exterior walls.
Unity PRC Homes
All Unity houses either type1 or type 2 should be repaired using a PRC Homes Licensed Scheme. This system of repair removes the external concrete panels and posts and replaces them with a traditional cavity, block and brick wall. All the major mortgage lenders, Halifax, Santander, Nationwide etc will accept mortgages at normal interest rates.
Wates Construction
There are many licenses used to repair Wates Construction houses. A PRC Homes licence is acceptable to most major high street lenders. The works carried out under a PRC Homes Licence involve replacing the exterior concrete panels and post with traditional brick and block. The concrete beams sitting on the fireplace will also need to be replaced by steel joists and a new wall is built internally against the party wall.
Local Authorities have been repairing Wates houses by bricking around the exterior concrete walls (wrap scheme repair) since the credit crunch it has become more difficult to arrange mortgages on these types of repair. For advice please give us a call.
Woolaway Houses
A PRC Homes Licensed repair should always be used to repair Woolaway houses as the PRC Certificate issued is acceptable to all the major high street lenders at normal interest rates.
Woolaway Bungalow Construction
Although Woolaway bungalows are not on the defective houses list most major high street lenders will not offer mortgages on these properties without a repair. There is not a licensed PRC Homes repair scheme for Woolaway bungalows. Mortgage lenders will offer mortgages as long as they have a certificate from a Structural Engineer confirming that the concrete Woolaway walls have been replaced with a traditional brick, block construction. Building a new brick wall around the existing concrete walls (wrap scheme) can cause problems arranging a mortgage as the existing concrete structure is still in place.
Need help with your mortgage?
We can arrange for a specialist FSA registered mortgage broker to advise on your mortgage requirements. Call us for details.
All mortgage advice is provided by a Specialist Independent PRC Mortgage Broker licensed and regulated by the FSA