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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.

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].

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].

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