There are all sorts of reasons why thousands of potential homebuyers opt for a thatched roof property. Whether it’s because they’re great for insulation, and are known for their excellent durability, thatched properties can be trickier to mortgage when compared to more typical homes.
While some high street banks may be reluctant to offer a mortgage on a thatched property, there are plenty of lenders who can help. Before you move any further, here is a guide on thatched roof properties and whether it’s wise to take out a mortgage on one.
Factors to Consider
While many homebuyers dream of living in a quaint, thatched roof property in the countryside, you need to be aware that this kind of property poses a more significant risk of fire and will require regular maintenance. Thatched roofs must be replaced approximately every 30 years, so if you have plans to live in the property for decades to come, this is a major factor to take into account.
Maintenance costs can be expensive, so you need to work out whether you can keep up with your mortgage repayments alongside the costs of keeping your property in tip-top condition. To help make your mind up, you can conduct research into when the roof was last-rethatched, as well as whether any property inspections and surveys have been carried out recently.
Eligibility Criteria and Deposit
When going through the mortgage application on a thatched property, lenders will look at numerous things before approving it. First and foremost, your income will need to correlate with affordability checks by the lender, otherwise, you may struggle to get any further.
You might also find that a thatched property could require a larger deposit, than a home built with more standard materials.
No matter what lender you go to, they will all assess your credit situation as well, if you have a less favourable credit history, this will limit your choice of lenders.
Talk to a Broker
An independent mortgage broker can negotiate with lenders, helping you to access products currently on the market. If your dream is to live in a thatched home, a broker can assess the mortgage eligibility criteria to ensure you meet them, as well as steps you can take to give you the best chance of securing the mortgage.
Make sure you’re open and honest with the broker about your finances and background, otherwise, you may face challenges along the way. Getting professional support will help in terms of negotiating competitive rates and getting the best deal for you.
If you need advice on a mortgage for a thatched property, please get in touch today and see how we can help. (Click here).
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