Mortgages -
Finance for advises on unconventional mortgages - 04/01/2008
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Advice on taking out a mortgage on unusual properties was given yesterday by brokers Finance 4, which said that undertaking the task could prove "difficult".
The so-called 'unconventional' mortgages include those for listed buildings and for buy-to-let properties with non-mainstream tenants.
Unconventional properties are surprisingly numerous in the UK - which contains 370,000 listed buildings in total, according to statistics from English Heritage.
Director at Finance 4 Steve Collins commented: "The more unusual the property, the more problems for lenders it will present…it's common sense: the more unusual the property, the harder it is to place a mortgage, and when you do place it, the rates will be higher because it's a risk."
However, the mortgage expert predicted unusual property owners having an easier time in securing a loan in future.
"More lenders are realising that perhaps they shouldn't be so scared and are dipping their toe in the water," Mr Collins said. "That's a fact; although it's happening very slowly.
"Just walking into your local building society can be very hit and miss - you may well get rejected, simply because the person in the building society doesn’t know what they're talking about."
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