Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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.
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.
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.
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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.
Japanese knotweed is a fast growing plant that can spread rapidly, overtaking a garden in little time and even damaging property. The risk Japanese knotweed poses to drains and foundations can lead many lender’s to reject mortgage applications if this plant is found during the valuation. Despite this, some lenders will be more amenable, and will simply want to work out the extent to which the knotweed threatens the property. If there is an up to date treatment plan in place, you are likely to have more options. For more guidance specific to your prospective home, get in touch with our mortgage advisors!
Most mortgage lenders will be wary about lending on a property with a non-standard roof, however there are options out there. A standard roof would be something like slate or tile. Other types of roofs that are considered non-standard include:
Though some lenders might outright refuse your application if the property has a non-standard roof many will be open to the idea provided the roof is in good condition and there is a roof maintenance programme in place.
Unfortunately, conventional high street mortgage lenders will probably decline your application if the property’s fundamental structure is damaged. If the structural damage prevents the property from being weatherproof or secured, their decision will be cemented further. Despite this, there are lenders out there who specialise in lending on non-standard homes, so it’s not the end of the world if your chosen house has some damage. The extent of the damage and the cost of repair will likely play a huge role in the amount of options available to you. If the damage is too severe, you may need to look into getting a bridging loan to cover the essential repairs before applying for a mortgage.
To explore the options open to you, chat to one of our advisors. We can talk through the property in question in more detail, as well as your unique financial circumstances. Fully informed, we’ll help you move forwards armed with all the insights, tips and tools you need to succeed.
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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!
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.
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Your home may be repossessed if you do not keep up repayments on your mortgage.
When The Bank Says No is a mortgage broker, and not a lender. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 2% but a typical fee is £995.
When The Bank Says No is a trading name of Alder Rose Mortgages Limited whome are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.
Registered office address: Oak House, Sutton Quays Business Park, Beechwood, Sutton Weaver, Runcorn WA7 3EH. This site is intended for UK customers only. Company Registrations no, England and Wales 11443964.
The Financial Conduct Authority does not regulate some forms of buy to let mortgages.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.