Timber frame manufacturers have welcomed a new initiative to boost mortgage borrowing to fund offsite manufactured new build homes, but warned against timber frame becoming stigmatised as unconventional.
BOPAS, the Buildoffsite Property Assurance Scheme, has been launched as a cross-industry programme to make mortgages easier to get for new UK homes that have been constructed using offsite manufactured techniques, which include timber frame.
It is spearheaded by the industry campaign group Buildoffsite, Lloyds Register, BLP Insurance, RICS and the four largest mortgage lenders, Santander, Lloyds TSB, Nationwide and RBS.
Lloyds Register will manage the scheme and hold a database of accredited manufacturers, developers and contractors. BLP provided the template for checks on construction and another database of homes built under the scheme will be held for surveyors. It has now been recognised by the big four lenders.
UK Timber Frame Association (UKTFA) CEO Andrew Carpenter said: “The BOPAS scheme has to be applauded, particularly in the current climate where it’s difficult for many prospective buyers to get a mortgage on any property type – regardless of the method of construction.
“But I think we need to be cautious about how we stigmatise certain types of construction – timber frame is not unusual and accounts for about 25% of the UK housebuilding market and even greater numbers in social housing and self build. There is no reason why timber frame wouldn’t fall in line with normal mortgage criteria.”
An RICS spokesperson said: “We finally have an agreed process which will enable valuers to complete mortgage valuations, for lenders to be confident about financing and for buyers to purchase with confidence knowing that, even though the construction is not conventional, the property has been built to a recognised standard.”
