Thatched Roof Mortgage
Thatched Roof Mortgage
Thatched Roof Mortgage – Mr & Mrs. Ingle recently contacted me because they had found a thatched roof cottage in the Salisbury area that they wanted to buy as soon as possible. They did not really know whether they could get a mortgage on a property with a thatched roof, but they had agreed on a price with the vendor and needed to arrange as soon as possible. A visit to their own bank was not too fruitful unfortunately for a thatched roof mortgage. The mortgage adviser at their local branch had said that they were good candidates for a mortgage but a thatched roof property was not within lending criteria. A walk up and down the high street did not help too much either, so they contacted me as a “whole of market” mortgage adviser to help. Having had disappointment on the high street they were feeling a bit worn out from it all and they were concerned that they had wasted valuable time – I then helped them with their thatched roof mortgage application.
The couple had been researching the ins and outs of thatched cottages for some time and they had a pretty good idea what they were looking for. They were aware of the advantages and disadvantages of owning a property with a thatched roof and decided that thatched was the way forward for them.
The first step after introducing myself was to send our mortgage Introduction pack to them. I then spent some time to gather information about Mr & Mrs Ingle as well as obtaining details about the property that they wanted to buy. I was able to assure them that I dealt with thatched roof mortgages.
Once I gathered all the information and collected in all necessary documentation I spent time researching the market. The aim was to get Mr & Mrs Ingle the best mortgage for them taking into account their needs and objectives. In this case, we needed to find the best rate, the best type of mortgage with a lender who will accept both the property type and the applicants.
Mr & Mrs Ingle have agreed the sale of their existing property and the proceeds were taken into account when advising on a thatched roof mortgage.
One thing I will say here is that sourcing a mortgage can take time, especially if you want to do the job properly. It is a case of researching which lenders will lend on the property, narrow down which of those will also lend based on the applicant’s circumstances and then look for the best deal with the most competitive rate. It is not a 5-minute job by any means. It must be noted that this thatched property was not a listed building which opened up a few extra enders to choose from which was not really necessary in the end.
Needless to say, a mortgage was secured, agreement in principle done followed by a full mortgage application. The clients also instructed a separate valuation in addition to the lender’s valuation for mortgage purposes. This was from a surveyor who specialises in surveying thatched properties. They also commissioned an electrical safety inspection from an NICEIC approved qualified electrician. The original design of the electrical circuitry avoided the roof space as much as possible and RCD’s were fitted several years ago.
The thatched roof mortgage lender took on board the surveyors comments and issued a mortgage offer without any hassle.
Although not my client’s house, please have a look at this time-lapse video of a house being thatched on YouTube