Where to find a home loan for your unusual property.

What if you have your heart set on that dream thatched cottage, or want to renovate your unusual home – but you don’t neatly fit the tick-box criteria of mainstream banks or building societies? Getting a mortgage or loan can be tricky at the best of times, but throw a non-standard property into the mix and things start to get even more frustrating.

When it comes to lending on any property, many mainstream lenders prefer to stick to the conventional. Applicants with a perfect credit history, a regular salary and a large deposit will easily fit into the mainstream mould. But, the banks also favour lending to those looking to buy ‘standard properties’ – a residential dwelling made of brick or stone, with a slate or tiled roof.

This means finding finance can be a struggle for a customer looking to buy a property that’s out of the ordinary, such as an architect-designed wooden-framed home, a house made predominantly of glass, a luxury penthouse, or even a windmill, castle or disused public toilet.

Many house-hunters see their dream property, fall in love with it, but then realise it’s difficult to get finance because it may be of ‘non-standard’ construction. For example, the surveyor, on behalf of the lender, may ‘down value’ the property, which means that they think it’s worth less than the buyer has agreed to pay. The lender won’t provide the full amount needed to complete the purchase. Some home buyers may even get a ‘zero valuation’ where the lender essentially says that they’re unwilling to lend any funds – typically as the property falls outside of their criteria.

This is where specialist lending can help. Our team of bespoke underwriters look at all aspects of each case, taking into account the customer’s chosen property, even if it falls outside the norm.

We’ve been at the forefront of the specialist lending market for over 50 years, and have experts who look at all aspects of each case, including the borrower’s background and the unusual home they want to purchase.

There may also be a combination of other factors which could mean your application is turned down by mainstream lenders. For example, you may want to purchase a property through shared ownership or Right to Buy, or you may have become newly self-employed.

For home-owners looking to renovate their properties, bridging finance could provide a solution. Traditionally, short-term loans were used as a way of accessing quick finance to prevent a house sale falling through but now have many purposes, and are increasingly used for home improvements. So, as access to mainstream finance becomes more difficult, bridging loans can provide a great option for householders to complete a project to add value to their dream home.

We use our common sense to consider applications from customers in all kinds of unusual circumstances, even if mainstream banks and building societies have previously turned down a lending application.

Ready to get started?

Struggling to finance the purchase of your unusual home? Get in touch with our team of friendly experts to see what Together can do for you.

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