The difficulties in funding a period home


We often provide funding advice to readers of Period Homes & Interiors magazine. Coming up in July’s issue, we advise on the funding of a 16th century timber-framed, thatched cottage:

Question: ‘A local agent has tipped me off that my dream home – a 16th century timber-framed, thatched cottage – is about to come on the market. I’ll need a 50 per cent mortgage but have heard that some lenders are reluctant to touch properties which aren’t of a standard bricks and mortar construction. Is this the case?’

Our answer: It sounds beautiful but you do need to bear in mind that getting funding for such a property may not be straightforward. Lenders tend to prefer standard bricks and mortar construction and while more are lending on timber-framed properties, the problem with this property is that it is an old one rather than a modern dwelling. The added risk here is the thatched roof, which makes it a fire risk.

In your favour, the property sounds as though it will be of a reasonable value and you have a 50 per cent deposit, which will make lenders more willing to consider offering you a mortgage. You will probably still need a specialist lender, a private bank or perhaps one of the building societies in the local area who will have an understanding of that particular property.

Speak to an independent mortgage broker for more advice.

Jonathan Harris
Posted by
Jonathan Harris