I only know that most SIPS buildings are self build so insurance and equity release companies aren't usually too keen, however, if yours was built by a reputable company then I guess they just class it as none standard construction which is another thing they don't like.My husband is 77 and I am 71 - We have just applied for Equity Release and have been turned down by all the companies approached because our property is of a timber framed and SIPS construction - even though it is new build by a well-regarded German company. It is a very high value property and we were looking to borrow less than 20% of the valuation provided by two well known reputable estate agencies. Has anyone else had a similar experience?
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Hi BealybugsMy husband is 77 and I am 71 - We have just applied for Equity Release and have been turned down by all the companies approached because our property is of a timber framed and SIPS construction - even though it is new build by a well-regarded German company. It is a very high value property and we were looking to borrow less than 20% of the valuation provided by two well known reputable estate agencies. Has anyone else had a similar experience?
Hi Katrina,Hi Bealybugs. I'll send you a PM (Private Message) but you probably won't be able to reply to me as you are a new member. You can post again to this thread though.
We are currently setting up an equity release arrangement for my mum. Her house is considered by most insurance companies to be of non-standard construction, although in this part of the world it is the standard for new houses (timber frame). Only one national insurance company will provide her with house insurance.
For equity release, you can but ask, and then you know where you stand. I thought it would be a problem, but it has not been so. It must depend also on the age and physical condition of the property, and whether known remedial works would bring such a property up to mortgageable standard.
We went through a national equity release mortgage broker. Contact was by phone, not by anyone coming to the house. This broker is independent, although they get a fee for selling you a product. It is a standard rate of fee so they have no reason to recommend one financial provider over another. They discuss your requirements and circumstances and recommend the best products for you. There is no fee to pay until you go ahead with a mortgage.
The product we are buying is called a Lifetime Drawdown Mortgage. We are borrowing £10K to open the account. Then after 12 months we can draw down sums as needed, to supplement my mum's pension income. We would be able to draw down a total sum of about 50% of the value of my mum's property. You yourselves might want more money sooner, or just a lump sum. The advisor will work with your specific requirements.
PM me if you would like the contact details for the equity release mortgage broker that we have used.
Dear Katrine,
I'm interested in this as well.
Happy New Year
MaNaAk
We are currently setting up an equity release arrangement for my mum. Her house is considered by most insurance companies to be of non-standard construction, although in this part of the world it is the standard for new houses (timber frame). Only one national insurance company will provide her with house insurance.
For equity release, you can but ask, and then you know where you stand. I thought it would be a problem, but it has not been so. It must depend also on the age and physical condition of the property, and whether known remedial works would bring such a property up to mortgageable standard.
We went through a national equity release mortgage broker. Contact was by phone, not by anyone coming to the house. This broker is independent, although they get a fee for selling you a product. It is a standard rate of fee so they have no reason to recommend one financial provider over another. They discuss your requirements and circumstances and recommend the best products for you. There is no fee to pay until you go ahead with a mortgage.
The product we are buying is called a Lifetime Drawdown Mortgage. We are borrowing £10K to open the account. Then after 12 months we can draw down sums as needed, to supplement my mum's pension income. We would be able to draw down a total sum of about 50% of the value of my mum's property. You yourselves might want more money sooner, or just a lump sum. The advisor will work with your specific requirements.
PM me if you would like the contact details for the equity release mortgage broker that we have used.