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How Does a Public Footpath Impact My Mortgage Chances?


How Does a Public Footpath Impact My Mortgage Chances?
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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin18 Aug 2023
    

How Does a Public Footpath Impact My Mortgage Chances?

Buying a property with a public footpath can cause concerns, and be a factor that must be disclosed in any mortgage application.

However, while having a right of way running through your property might be a consideration, it isn't a deal-breaker.

Here we'll explain how public footpaths impact the mortgage application process, and the factors to think about before proceeding with the purchase.

If you require bespoke advice in this situation, or need assistance finding competitive mortgage lending, give us a call on 0330 304 3040, or drop a message to the team at [email protected].

How Do Public Rights of Way Work?

Public footpaths mean that there is a track or path on your property, which is legally accessible by any member of the public, and sometimes includes vehicles such as buggies, bikes or mobility scooters.

In some cases, this can make the mortgage a higher risk to the lender, and so you will usually need to have a slightly higher deposit than usual.

For example, a 5% deposit is normally acceptable for a UK residential property purchase. Some lenders will require 10% if the home has a right of way running across the property.

How Does a Public Footpath Impact my Mortgage Application?

A lot depends on where the footpath is and whether it has any direct impact on the value of the property. Intrusive rights of way can reduce a property valuation by up to 25%, although if you are buying the home that will likely be reflected in the sale price.

For a lender, the concern is that if they had to repossess the property, or you decided to sell it to pay back the mortgage, the home has to be worth enough to cover all of the outstanding mortgage balance, so the valuation process here is vital.

They will consider:

  • Limitations on the use of the land around the property, and how that impacts the saleable value.
  • Cost implications of having to maintain the right of way and keep it accessible.
  • The security risks of trespassing, and additional property costs required for requisite fencing, signing or safety precautions.
  • Noise disturbances caused by a busy public footpath on the property.

Provided the mortgage value is comfortably within the valuation, and you can negotiate terms through a whole-of-market lender, it is usually possible to overcome these risk factors.

Expert Advice on Mortgages for Properties with Public Right of Way

While public footpaths aren’t common, they can complicate matters when it comes to taking out a mortgage, due to the increased risk perception of the lender.

If you need mortgage advice for a property with a public footpath, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected] for independent advice about the best mortgage products out there for your borrowing requirements.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.