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Andy Ward

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  1. I think there's a sense in which might have been burned. We comissioned a Potton house in 2010, and it was delivered and erected very smoothly - no real problems. It has an entire basement floor in brick and block, so strictly it's less than 50% timber frame by wall area. We got a staged mortgage from TSB, and completed the house in 2024 (10 year warranty and everything). In 2021 Truss screwed the mortgage interest rate up to 7%. The house is now finished, and we're living in it. While we were both working, we could afford to carry on completing the house and paying the interest on the staged mortgage. Then, we retired, planning a lifetime mortgage to pay off TSB. ...that's when we discovered that lifetime mortgage companies really hate timber frame houses. We couldn't get better than 17% loan-to-value, which wasn't enough. So now, we're trying to sell a house that has been valued at £1.2m, but we can't sell it anywhere near that, perhaps because mortgage companies don't like timber framed houses. Not Potton's fault (caveat emptor), but I wish the aversion (sight unseen) to timber framed houses was better known. Have other people found this or am I being paranoid?
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