We were recently presented with a challenge that seemed impossible: provide a mortgage for a client to buy a single storey bungalow built in the 1960’s from a timber frame, with no bricks involved and clad only in Cedar wood shingles. On top of this, the client wanted to continue running a volunteer cat protection charity from the property, housing a large number of rescue cats (and a few dogs).
With such a non-standard construction and no brick skin, we struggled to find any mortgage lender that was prepared to take it on.
However, experience in the mortgage market stood us in good stead, and we tried one last resort: a mortgage lender who specialises in providing mortgage funds for eco-friendly and conservation projects such as converted windmills, barn restorations and other build types that would normally scare off most other lenders.
The Ecology Building Society came through on this one, offering an 80% loan on the property. In addition to this, as the client progressively improves the energy saving measures in the property, such as increased insulation, they will reduce the interest rate on the mortgage product.
Sometimes having extensive knowledge of the mortgage market and lending policies comes good! The result was one happy client.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.