Can I Get a Mortgage on a Home with Identified Asbestos?

Asbestos is present in millions of properties - so how have your neighbours got a mortgage when your bank has turned you down? Let's look at asbestos and mortgages and the best ways to manage the lender risk.

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Based on your yearly income, you may be able to borrow:

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

Can I Get a Mortgage on a Home with Identified Asbestos?

Asbestos exists in very many properties. If you're buying a home and the survey indicates the presence of confirmed asbestos, it can be a worry about whether you will be able to get a mortgage.

Given the volume of homes with some trace of asbestos, it isn't impossible to find a mortgage. A lot depends on where the asbestos is, whether there is any likelihood that it will be disturbed, and the lenders own policies.

Here we'll discuss the challenges associated with mortgaging a property with asbestos, and what criteria a lender will depend on when deciding whether to lend.

If you need assistance mortgaging a home with asbestos, or would like to compare the most competitive rates currently available on the market, give us a call on 0330 304 3040, or email the team at info@revolutionbrokers.co.uk.

Is It Possible to Mortgage a UK Property Where There is Asbestos?

Yes, it is. Some lenders may have policies in place that prevent them from mortgaging a home with asbestos, whereas others will simply ask for sight of the survey.

Asbestos was widely used in UK construction right up until 1999. It is a material primarily used in fireproofing and can cause damage to lung tissue.

The severity of this respiratory diseases means that asbestos is no longer used, but is common in many parts of properties, often in the roof, but also potentially in:

  • Fireplaces.
  • Garages.
  • Boilers, ducting and pipes.
  • Insulation.

Will I Need a Mortgage Survey to Get a Loan Against a Home with Asbestos?

Lenders will always need to see a valuation of some kind and typically require a survey carried out by an appropriate surveyor. They will determine the risk presented by the asbestos.

You can remove asbestos, and if the surveyor indicates that it poses a substantial risk, this might be mandatory to secure mortgage lending.

A contractor with appropriate skills and protective wear must carry out removal, and you must never attempt to remove, disturb or handle asbestos yourself.

If a Lender Has Rejected my Mortgage Application Due to Asbestos, Can I Apply to Somebody Else?

You can. However, we'd strongly advise consulting the Revolution team before making more applications, as multiple rejections can show up on your credit file and make it harder to secure a mortgage elsewhere.

Can I Mortgage a Property with an Asbestos Roof?

Usually, this presents less of a problem, since the roof isn't likely to be disturbed or present as high a health risk.

Lenders will often require a survey to evaluate whether there is a professional recommendation to remove the asbestos.

Independent Advice on Mortgaging a Home with Asbestos

If you are struggling to find competitive lending, have been turned down by a mortgage provider, or would like independent advice about which lenders are most likely to approve your application, get in touch with the business loan broker team.

We are available on 0330 304 3040, or via email at info@revolutionbrokers.co.uk and can assist with every aspect of the mortgage application process.

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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.

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