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Asbestos and Mortgages

Can I get a mortgage on a house with asbestos? Get the right advice here.

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 16, 2021

We have helped lots of borrowers who have been concerned that their prospective property has asbestos.

For some lenders, this can be a deal-breaker and their lending criteria will prevent them from providing a mortgage for property with asbestos.

The good news is that there are lenders that will consider mortgages for properties with asbestos and the expert brokers we work with know who they are and can help you get the best deal.

If you would like to speak to an advisor about getting a mortgage for a property with asbestos, make an enquiry.

Can I get a mortgage on a house with asbestos?

Yes. Ultimately, every lender is different and each one will have different criteria when it comes to lending for properties with asbestos.

Some may lend to you depending on the type of asbestos found in the property whereas others may consider lending to you based on what a qualified surveyor has reported in terms of risk.

What is asbestos and why is it dangerous?

Asbestos is a chemically-resistant material used in buildings, typically to fireproof them.

It was regularly used in UK homes until 1999 when was discovered that when inhaled, asbestos fibers can aggravate lung tissues, which causes them to scar.

This is known as Asbestosis which is a serious respiratory disease. This resulted in the ban of asbestos being used in properties, although there are many in the UK that still contain traces of it.

Where is asbestos commonly found in a property?

Because of its resilient nature, asbestos was commonly used throughout the infrastructure of many buildings including roofs.

However, mortgage valuation surveys often find asbestos in the following:

  • Around boilers
  • Around ducts, pipes,
  • Fireplaces
  • Garages
  • Roof tiles
  • Insulation in lofts
  • Seams between pieces of sheetrock

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Asbestos mortgage surveys

In order to establish the level of risk and whether the asbestos is likely to become disturbed, some lenders will ask that a mortgage evaluation with an asbestos survey is carried out. This will involve a health and safety check by an expert surveyor from either UKATA, UKAS, ATAC or RSPH.

This can complicate matters as if the survey concludes that the asbestos is likely to become airborne and therefore a risk to inhabitants, some lenders will reject the mortgage application altogether.

That being said, there are lenders who will take the surveyor’s comments regarding the asbestos into consideration and maybe OK with lending to you as long as the asbestos isn’t damaged or if the property has load-bearing asbestos panels.

Will having the asbestos removed help me get a mortgage?

If the mortgage valuation reports that asbestos is present and there is a recommendation for work to be carried about, some lenders will ask that the asbestos is removed before they agree to lending to you.

Again, every lender will have a different level of generosity when it comes to lending on a property with asbestos so before applying for a mortgage, it can be helpful to seek advice from a professional who has experience in finding asbestos mortgage lenders.

For information on this contact an advisor.

Please note that the removal of asbestos must be carried out by a professional who is certified to do asbestos abatement work due to the risk of Asbestosis.

Can I mortgage a house with asbestos if I have previously been declined by a lender?

The brokers we work with have successfully negotiated mortgages on properties with asbestos, even in instances where the borrower has had a previous mortgage application declined.

It can be disheartening to be declined for a mortgage and often this can put people off from trying to get one in the future.

Mortgages shouldn’t be complicated and just because one lender has declined your application, it doesn’t always mean that another lender will, which is why you should talk to one of the advisors we work with, they are experts when it comes to finding mortgages for properties that have asbestos problems.

Can I get a mortgage on a house with an asbestos roof or roof tiles?

A property with asbestos roof tiles is generally less problematic for mortgage lenders than homes where the material is part of the main infrastructure. Some providers will have no problem lending, as long as the roof is undamaged and in good condition.

That said, most reputable mortgage brokers would still recommend having a survey carried out to establish whether the asbestos needs to be removed.

Find an asbestos mortgage lender

The advisors we work with have access to hundreds of lenders across the UK who may be prepared to offer you a mortgage for a property with asbestos in the right circumstances.

Contact a specialist broker for advice about how to get a mortgage for a property with asbestos.

Speak to a mortgage expert today

If you have questions about getting a mortgage for a property with asbestos or want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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