PROP­ERTY FI­NANCE SPE­CIAL­IST

House Beautiful (UK) - - PROPERTIES REGENCY - ME­LANIE BIEN Money ex­pert and founder of Bien Me­dia

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.

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