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PRC homes (PRC being an abbreviation for 'Precast Reinforced Concrete construction') are a type of non-standard property construction of which high street mortgage lenders are notoriously hesitant of lending mortgage funds on.
Here we take a more detailed look at PRC homes, and also explore other non-standard construction types, and our available mortgage solutions for those living in PRC housing and having difficulty getting mortgage facilities!
Table of Contents:
So, exactly what are PRC homes? Well, PRC Houses (PRC being short for Pre-cast Reinforced Concrete construction) are a type of non standard construction. Non-Standard property constructions are houses that are not built with materials considered to be traditional. And in this instance the non-traditional material that PRC homes are constructed of is Precast reinforced concrete.
Many Mortgage Lenders are notoriously hesitant on lending on properties that are considered to be of non-standard construction, such as PRC homes. The main reason for this being the difficulties that may be encountered by the Mortgage Lender in the event of house repossession, where the Lender will usually need to sell the property on as quickly as possible.
So, why were PRC houses built? Well, after the second world war, the UK saw a huge increase in the demand for social housing, and over the years, government after government reacted to this demand for homes, by giving local authorities assistance to increase their stock of council houses.
New construction methods were used to build these homes in a bid to erect new housing as quickly and as inexpensively as possible and cater to this demand. One of these methods was Precast Reinforced Construction.
Unfortunately, a few decades later, the consequences of these new revolutionary methods of property construction have now come home to roost in the form of defective housing, with many PRC homes turning out to be defective, and their fabrications, in many instances, are crumbling!
It's important to remember that despite these issues, many PRC houses occupy large and valuable plots of land, and in many instances the scope of the defectiveness can be arrested and repaired at a viable cost!
So, you'll be pleased to know that mortgage and remortgage funding is actually readily available for PRC houses from our specialist lenders, naturally subject to valuation of the property and confirmation of the affordability of borrowing.
In addition to PRC homes, there are a number of other non standard construction types, which may be useful for you to know about. Generally speaking for mortgage purposes, a property is said to be of non-standard construction if it is not built of brick or stone, and does not have a slate or tiled roof.
With our extensive portfolio of Mortgage Lenders, we have a whole range of specialist lenders who are happy to provide mortgage funding for the purchase or remortgage of non-standard construction properties including:
The following list contains details of repair schemes for PRC houses (Houses of precast reinforced concrete construction) that have been approved and licensed by PRC Homes Limited, which is a wholly-owned subsidiary of the National House-Building Council (NHBC).
So, you might now be asking 'I live in a PRC home and am having difficulty getting mortgage facilities. Could Shire Direct help me with mortgage facilities if my house is constructed from precast reinforced concrete?'.
And, you'll be pleased to know the answer is Yes, we'll certainly try!
As we've already discussed, high street mortgage lenders don't usually provide mortgage funding for non-standard construction types such as PRC houses.
However, here at Shire Direct we have a range of specialist mortgage lenders who are happy to consider most types of property constructions. And remember, our mortgage advisors are fully CeMAP qualified, and have a wealth of experience in arranging mortgage facilities on non-traditional properties and situations.
We'll be more than happy to discuss the options open to you. Naturally, we'll carefully assess your circumstances, needs, requirements and aspirations and come up with the most appropriate solution for you!
You'll find our service to be friendly, yet professional, helpful and not in the least bit judgemental. So, please don't hesitate to Contact Us if you would like to discuss your requirements, naturally without obligation!
Call us today on Freephone 08000 282 281, our lines are open from 8am until 10pm, seven days a week, or alternatively enquire online at any time. We'll be delighted to provide you with an in-principle decision - whatever your circumstances!
Well that concludes our look at PRC homes, and our mortgage solutions available for those that live in PRC housing. Don't forget there is a wealth of mortgage related information throughout our website, so why not put a few moments aside and explore some of the possibilities that may be available to you, and remember we're only ever a free telephone call or a couple of mouse clicks away, and would love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
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