Finding The Best Uninhabitable Property Mortgage Deal For Your Circumstances
If you have been looking to purchase a property that is uninhabitable, you are likely to be declined from the bank. We know you have a vision for your property, and want nothing more than to help your project take shape – you just need the finance to purchase it! Our specialist mortgage advisors can help you take the necessary steps to achieve a mortgage against the odds. We don’t take no for an answer; your mortgage is our priority.
What makes a property uninhabitable?
There are various reasons why a property might be classed as uninhabitable for mortgage purposes. Some of the things that might make a lender view the home as unfit for human habitation include:
- No kitchen or bathroom.
- A lack of wind or waterproofing.
- Extreme damp or mould issues that may impact occupant health.
- Staircases without handrails contrary to building regulations.
- Properties that cannot be secured.
- Non-standard roofs.
- Japanese knotweed.
- Asbestos.
Can I get a mortgage on an uninhabitable property?
It can be tricky to get a mortgage on an uninhabitable property, but there are a variety of other options that can help you finance the property. ‘Bridging finance’ is the name given to short term loans that provide the cash to fund the building work so that it is habitable enough to get a mortgage. Once the building work has been completed, you can apply for a mortgage on the property to pay back the bridging finance. For more information about bridging loans, talk to our team of specialist advisors.
Maximise your chance of approval with specialist advice from an expert in Mortgage for Uninhabitable Properties
Can I get a mortgage on a property with no central heating?
The overall condition of the property will be taken into account during the lender’s valuation. Whilst not having central heating can contribute to damp, a lack of heating in itself won’t make a property uninhabitable. If the property doesn’t having heating, but also doesn’t have a suitable roof, weatherproofing, security, kitchen or bathroom, a lender is likely to decide that it is unfit for human habitation and that they cannot lend. If you’re not sure whether the property you want to get a mortgage on will be classed as habitable, talk to our expert team. We’ll take the time to understand your situation and recommend the best steps to take.
Can I get a mortgage on a property with asbestos?
Asbestos can cause problems when it comes to your mortgage application. If a surveyor finds asbestos during the valuation, a mortgage lender will want to see a full asbestos report completed by an expert. A lender will want to understand the condition of the asbestos and whether it is damaged as well as whether it is load-bearing. Some lenders might still entertain mortgage applications on asbestos containing properties, some might want the asbestos removed first, and others will outright refuse you.
Uninhabitable property mortgages FAQs.
Mortgage for Uninhabitable Properties Calculator
Trusted mortgage advisors for uninhabitable properties.
When the Bank Says No specialises in helping non-standard mortgage applicants achieve the home of their dreams. We work closely with clients all over the UK, understanding their personal circumstances and ambitions and enabling their future plans. We endeavour to remove all the obstacles from your path to homeownership, so you can start your renovations right away!
Helping you purchase your project.
You’ve got big plans for a property, but lenders don’t seem to have the perspective you do! We know how frustrating it can be to have your heart set on a renovation project, but struggle to find the finance to fund it. That’s why we’re here to advise you on the best course to take, and help you achieve the property you desire whatever its condition.
