PROPERTY FINANCE SPECIALIST

QI’ve fallen in love with a grade II-listed Regency property that’s on the market. I’ve heard that getting a mortgage for a listed property is a nightmare. Is this true?’

AAs with any mortgage application, the lender will rely on the opinion of the surveyor when deciding whether to lend. The borrower will pay for a basic mortgage valuation, which is for the lender’s benefit in order to confirm that the property is worth what the bank is being asked to lend.

If the surveyor thinks the property isn’t suitable for mortgaging, then his or her report will raise specific points. For example, he may advise that specialist reports are required, particularly if the property isn’t in a good condition, or suggest remedial works need to be carried out. In this instance, the lender may retain a portion of the mortgage, depending on what needs doing, until the work has been done.

As long as the property is in mortgageable condition, then getting a loan shouldn’t be any harder than it would be for a non-listed property. You should be able to access mortgages from mainstream lenders at the usual rates, without a premium added on. As always, it’s worth speaking to an independent mortgage broker for further information.