Mortgage Thatched Roof Properties
Mortgage Thatched Roof – Getting a mortgage for thatched roof properties requires a little specialist knowledge from your mortgage adviser. A thatched property is not every mortgage lenders cup of tea. Surprisingly there is a good selection of mortgage lenders who are willing to consider lending on them. It must be noted that some mortgage lenders who lend on thatched properties are more cautious than others. This is where our specialist mortgage knowledge in this field comes in handy. Some lenders class thatch as a standard roof construction! Other mortgage lenders will class thatched roofs as non-standard construction. In this case, the lender will rely more on the surveyor’s comments. This will allow them to evaluate risk before granting a mortgage on the property. All mortgage lenders who do provide mortgages for thatched roof properties will rely on the comments of the surveyor before a final decision is made.
Types – Mortgage Thatched Roof
- Purchase – We can help if you want a mortgage for thatched roof properties if you are looking to buy as a first or second residential home.
- Remortgage – We can help if you want a mortgage for thatched roof properties if you already own a thatched roof property and would like to switch mortgage lenders. This can be done with and without capital raising.
- Buy to Let – We can help if you want a mortgage for thatched roof properties on a “buy to let” investment property basis. This applies to borrowers buying in individual names as well as company names.
- Foreign nationals – If you want a mortgage thatched roof properties we can help here too.
If your property is a listed building, then the list of lenders to choose from reduces but not by too much. Some thatched properties are listed as grade 1 or grade 2 listed but not all of them. Some people build new property with a thatched roof to add character to the property.
There are about 60,000 properties in Britain that have a thatched roof. Some of these properties will be listed buildings and some won’t. This includes a growing demand for new build properties that have a thatched roof.
Advantages of a Thatched Roof Property
Apart from the beauty of a thatched roof on a house, the advantages are mainly the insulation benefits. The house will be warmer in the winter and cooler in the summer due to the insulation qualities provided by a thatched roof. This can help keep fuel bills low. These types of roof also provide excellent soundproofing.
The roof itself can also withstand strong winds and a leaking roof is rare.
Thatched properties also hold their value well.
Disadvantages of a Thatched Roof Property
The obvious concerns are:
- Risk of Fire which is a concern but fans of thatched roof construction say that this should not put you off. There are precautions that can be put in place to reduce the risk.
- Higher cost to home insurance is also a concern but may not always be the case. We can provide you with some insurance quotes. It really depends on which insurance provider is used.
- Maintenance! Thatched roofs do require maintenance from time to time from specialist tradesmen. If you choose your property carefully a thatched roof will not be the money pit that most thatches cottages are made out to be.
- Life expectancy of the roof can be anywhere from 40 to 70 years.
All in all, the advantages of owning a can outweigh the disadvantages. It really depends on the buyers views really.
Before you Buy – Mortgage Thatched Roof
It must be remembered that the mortgage lender is going to look at the applicants as well as the property before granting a mortgage. It is our job to ensure we are choosing a mortgage lender where both you and the property fit criteria.
The property must be surveyed by the mortgage lender before you buy the property! In the case of buying a thatched roof property, it might be worth it also to get a separate survey done by a specialist surveyor who has experience with thatched roofs.
It is also worth getting an electrical inspection done before buying the property just to be on the safe side. We can help – mortgage thatched roof.
To see this video on YouTube