Thinking of buying an unusual or ‘problem’ property? Find out how Simply Lending Solutions can help?
- Independent, whole market access to mortgage lenders for unusual, prefab, thatched, timber or grade 2 listed properties
- Specialist advice on mortgages for unusual or problem properties
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Mortgages for unusual or ‘problem’ properties – We Can Help
Searching for the right mortgage is never easy, but when the property you want the mortgage for has unusual features such as timber-frame construction or a thatched roof, is a listed building or faces problems like subsidence or the presence of Japanese knotweed it can seem impossible. Simply Lending Solutions is here to reassure you that you may still be able to find a a timber frame house mortgage or a listed building mortgage.
We are whole of market brokers, and this access to multiple lenders allows us to make the broadest search possible when looking for one that will accept your application.
Our CeMAP qualified brokers have day-to-day experience of sourcing suitable mortgages for an array of properties, no matter what the issue or how unusual it is. We have the time that you don’t to investigate all the possible options available.
What is an unusual property?
Although the term ‘unusual’ suggests a property that is unlike any other ether are a surprising amount of properties that lenders may consider to be less than typical, and are hard to mortgage.
Unusual properties could include those buildings that don’t have standard construction or materials. Examples of such unusual properties include timber-framed buildings, concrete properties or even homes built predominantly of glass. Prefabricated homes quite commonly built in the 1950s and ‘60s, may also fall into the category of an ‘unusual’ building, leading to many people asking “Can I get a mortgage on a prefab house?”.
Sometimes a specific feature may lead to a lender considering a property to be unusual. This is particularly true of properties with thatched roofs.
Listed buildings also fall into this group of properties. Whether they are Grade 1 listed buildings or Grade 2 listed buildings, a lender may be cautious about providing a mortgage.
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As well as unusual properties, prospective borrowers may find some lenders are cautious about offering a mortgage on buildings with specific issues.
One of the problems that could put off a lender is if the property in question has a history of subsidence. It can be attractive to buy a property with a history of subsidence as it may mean that you can buy it at a lower price, but you should be aware of the problems you may face when applying for a mortgage.
The presence of Japanese knotweed, either on the property you are seeking to buy (or remortgage) or even in the surrounding area can also make lenders nervous. Read our Guide to getting a mortgage if Japanese knotweed is your problem.
Why might unusual or problem properties alarm lenders?
The reasons why lenders may be reluctant to lend to a borrower with their heart set on an unusual or problem property vary according to the issue.
One of the considerations lenders have when approving a mortgage is the resale value of the property in question. To put it bluntly, if your home is repossessed by the lender, they want to know that they will be able to recoup their investment by selling it.
Listed properties often have restrictions on what can be done to them. This can make it difficult to ‘improve’ a property and subsequently increase its value. Listed properties are also frequently quirky with non-traditional features. This means they may only appeal to a small number of buyers.
Buildings with unusual construction also raise questions about their attractiveness to other buyers. In addition, homes with non-traditional construction may need more maintenance than other buildings. Lenders may be concerned that you won’t keep this maintenance up and the house will fall into disrepair, again affecting resale value.
It’s again largely the prospect of damage to the property that puts lenders off approving mortgages for properties with Japanese knotweed or a history of subsidence. Japanese knotweed is an invasive plant that can cause structural damage to a building, as can subsidence.
Lenders may also worry about your ability to repay your mortgage if you have additional financial commitments such as the cost of re-ridging a thatched roof making it difficult to mortgage a thatched property.
All of this may be starting to sound hopeless. However, if you speak to experienced specialist brokers, like the ones at Simply Lending Solutions finding a mortgage need not be impossible.
How Simply Lending Solutions can help
Simply Lending Solutions work with people like you who are trying to find a mortgage for an unusual or problem property every day. This means that we understand what it is that lenders are looking for. So, while it’s true that the number of lenders willing to give you a mortgage may be smaller than for traditional homes, that doesn’t mean that there are none out there.
Our brokers understand that some lenders for example will not consider providing a mortgage for any listed property. However, others may consider giving a mortgage on a Grade 2 listed building, and still others will consider any listed property. Brokers’ specialist knowledge enables them to only apply to those lenders who will consider your priority, including prefab mortgage lenders and timber frame mortgage lenders.
A professional broker will also understand what additional reassurances a lender may be after, which could include things like committing to treat Japanese knotweed.
These are just a couple of examples of the insight our advisers can bring to your case. These criteria change regularly, and lenders who last month wouldn’t have considered your application may this month. Our advisers are always up-to-date with the latest developments in the market, and as we don’t only work with one lender, we have more options available for you.
Simply Lending Solutions will work closely to you so that we can determine which lenders are most likely not to dismiss the property you are seeking to buy, or remortgage,
We take the pressure off you, as we will handle the whole process from start to finish. As our priority is always our clients, you can be certain we’ll only recommend mortgages that are suitable for you.
A hassle-free process for all our clients
Starting with a free initial consultation, our trained brokers will examine all aspects of your case so that we understand exactly what you are looking for.
We’ll then start searching the market to find a suitable mortgage for your specific circumstances. We’ll contact you if we need further information.
Once we have some recommendations to share with you, we’ll go over them, again with no charge. At this stage we’ll explain what further documentation the lender requires, any fees that are applicable and all other pertinent information.
We then carry out an underwriting of your preferred option, a step that helps the application progress smoothly with the lender.
Simply Lending Solutions then request all documents from you and make the application. All that remains is to wait for the offer.
If you are still happy once the offer is received, everything is passed to lawyers for exchange of contracts and completion.
Our fees do not become payable until you receive your formal offer, or until completion in the case of some remortgage products.
What kind of mortgages can we help with?
Simply Lending Solutions can help you with a range of mortgages including:
- Second charge mortgages
- Shared ownership mortgages
- Home mover mortgages
- Mortgages for first-time buyers
- Help to Buy mortgages