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Finding a Mortgage on a Thatched Roof Property

Thatched roofs are charming and a heritage feature - but a stumbling block when applying for a mortgage. This independent advice explains mortgage lender attitudes to non-standard thatched roofs and the best way to find an affordable mortgage.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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Finding a Mortgage on a Thatched Roof Property

Thatched properties are always considered non-standard and can be trickier to mortgage than a more typical home.

However, while many high street banks might be reluctant to mortgage a thatched roof property, plenty of specialist lenders can help, even if there are other issues around the application, such as adverse credit.

For help with any non-standard mortgage requirements, contact business loan broker on 0330 304 3040, or email the team at [email protected].

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How Can I Get a Mortgage on a Home with a Thatched Roof?

The problem with a thatched roof property is that it poses a more significant fire hazard, needs to be replaced after around 30 years, and requires regular maintenance.

Those costs can be expensive. Therefore, the affordability assessment will need to factor this in to ensure you can keep up with the repayments, on top of the costs of maintaining the property.

You can mitigate the risk a little by finding out when the roof was last re-thatched, whether it has been surveyed, and if other property inspections such as electrics and the chimney have been regularly carried out.

What Are the Eligibility Criteria for a Thatched Roof Mortgage?

A lender will look at lots of factors before considering approving a thatched roof mortgage:

  • Affordability - lenders need to know that you can afford the loan and often require a 25% deposit. Most mortgages will go up to 4.5 your annual income - and while larger multiples are available, they are less likely to be offered on a non-standard property.
  • Deposit - non-standard mortgages usually require a higher deposit than a less risky loan application.
  • Employment - permanent employment is relatively easy to quantify from an affordability perspective. Still, if you have a variable income, or are self-employed, it might be more challenging to find a thatched roof mortgage.
  • Age - the higher your age, the higher the risk. Therefore, as an older applicant, it might make it harder to get a thatched roof mortgage given that a non-standard mortgage is itself a higher risk proposition.
  • Credit - lenders always need to assess your credit file. As with age, if you have an adverse credit history, it will further limit your choice of lenders. However, niche bad credit lenders can usually help.

How a Broker Can Help with a Thatched Roof Mortgage

An independent, whole-of-market broker can negotiate terms with any lender, on any mortgage product, and for any loan. That means you get access to every product currently available on the market, and professional support with negotiating the most competitive rates.

We can advise which lenders have flexible mortgages for non-standard properties, whose eligibility criteria you meet, and where you have the best chances of approval.

Contact Revolution Brokers for more assistance on 0330 304 3040, or email us to arrange a good time to talk at [email protected].

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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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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