This means you’ll need a 10%-15% deposit as a minimum.Īffordability – Lenders generally offer 4.5x your income for most properties, including thatched. This is more than most non-standard construction loans because of their popularity and desirable locations. In addition to thatched property-specific concerns, the remaining standard criteria apply when applying for a mortgage:ĭeposit size – Lenders usually cap the loan-to-value for thatched properties at 85%-90%. Depending on the lender, these could include: You will have the full range of options available. Although purchasing a thatched cottage shouldn’t impact the deals or rates available, additional criteria must be met, such as structural soundness, maintenance needs, and associated costs. High street and specialist mortgage providers typically require a minimum 10%-15% deposit for a thatched property mortgage. Given the fire risk and required maintenance every 10-15 years (with replacement every 40 years on average), the lender needs assurance that you can manage these expenses alongside the routine mortgage repayments and specialist building insurance.īefore making an offer on a thatched property, inquire about the roof’s history and any previous surveys or assessments, such as an electrical report or chimney inspection. The costs of insuring and maintaining a thatched roof can affect a lender’s affordability calculations. The survey should also incorporate an electrical report. You should only use a surveyor who is experienced and familiar with thatched properties to ensure a comprehensive evaluation. The lender relies on the surveyor’s assessment to determine the property’s insurance potential, influencing their decision to approve or deny a mortgage application. The survey should also look at any potential structural issues that could hinder a swift sale in the event of repossession. A structural survey of the property is necessary to verify the roof’s condition, the last thatching date, and maintenance history. Mortgage providers do have specific requirements for non-standard building materials, including thatched roofs. While thatched roofs may be categorised as non-standard construction, due to age and potential listed status, lenders still view them favourably due to their long lasting appeal and desirable locations. Yes, most lenders offer mortgages for thatched properties, but they may impose additional criteria, such as proof of specialist insurance. Can you get a mortgage on a thatched cottage?
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