Thatched Roof Mortgage Q&A
Thatched Roof Mortgage Q&A
Q: How difficult is it to get a mortgage on a thatched roof cottage in the Cotswolds? Thatched roof Q&A
A: A successful mortgage application depends on two main things. The financial circumstances of the client(s) and whether the property is mortgageable!
Thatched Roof Mortgage Q&A: Taking the client out of the situation, we have compiled a list of mortgage lenders who will lend on thatched roof cottages. Some of these mortgage lenders class thatched roofs as standard construction. Other mortgage lenders class thatch as a non-standard roof construction. Mortgage lenders are cautious when it comes to lending on properties with thatched roof construction. It has been proven that mortgage lenders will lend on houses with this type of roof construction. The property must be well maintained and fire safety precautions must be in place. This is not to say that you should avoid buying a property with a thatched roof. There are thatched-roof properties which have stood the test of time. Some are hundreds of years old with a listed building status.
Not all lenders who will lend on houses with a thatched roof will lend if the property is thatched and a grade1 & 2 listed building. Again, we have compiled a list of lenders who will lend as follows:
- Grade 1, 2 & 2* listed buildings (not thatched)
- Thatched Roof Grade 1, 2 & 2* listed buildings
- Houses with thatched roof which are not listed buildings
Thatched Roof Mortgage Q&A: The mortgage lender will insist on a survey for mortgage purposes. You should also commission your own building survey separately from a qualified chartered surveyor who specialises in thatched properties. It also makes sense to get an electrical inspection done before you buy the property.
The mortgage lenders surveyor will be looking at how well maintained the property is. They will be looking at whether there are any possible underlying issues with future saleability of the property. The surveyor will also be looking at insurability of the property as well as whether the property is fit for remortgage in the future. Location of the property will also be a major factor.
Lenders are relying on the surveyor to be their eyes and ears so what the surveyor says on the report will be of great importance to the mortgage lender.
If the lender is happy with the property and client circumstances they will issue a mortgage offer which can then be used by the solicitor to draw down funds.
See our main page on how to get a mortgage on a property with a thatched roof: Thatched Roof Mortgage Q&A
Have a look at our case study with Mr & Mrs Ingle.
Please look at this short video on YouTube about thatching: Thatched Roof Mortgage Q&A