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Will I get a Mortgage if my House is Close to a Mineshaft?

We look at what you might happen with your mortgage if your house is near a mineshaft

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 16, 2021

The UK’s mining days left the country with a vast network of abandoned mines nationwide. These old mine shafts continue to affect modern properties and can even make or break your mortgage application.

So if the house you’d like to buy is close to a mineshaft, how can you know if you’ll be able to get a mortgage? And it is it a good idea to buy a house in an area that’s potentially at risk?

Will I get a mortgage if my house is close to a mineshaft?

Mineshafts have the potential to cause major problems to people looking to purchase a property and take out a mortgage. This is because they bring significant added risks and in worst case scenarios, these risks could even make your property unmortgageable.

However, it is still possible to get a mortgage if the property you want to purchase is close to a mineshaft, but there are several extra precautionary steps you should take before applying for a mortgage. Lenders often require extra assurances that the mineshaft will not pose a risk to the property’s security now or in the future.

Mineshafts and mortgages: What you need to know

Most mineshafts do not cause problems to the security of nearby properties, but they could still add an element of risk to the stability of the properties in the future.

This makes mortgage providers wary of lending money on a property that could decrease in value as time goes on. And with thousands of old, abandoned mineshafts throughout the UK, whether the property you want to purchase is affected isn’t always readily apparent.

Does a mortgage on a house near a mineshaft call for extra checks?

If the property is located near a former coal mining area, you can order a mining report from the Coal Authority.

The Coal Authority keeps a record of where many coal mineshafts are located. If the property you want to purchase is near an old coal mine in England, Scotland, or Wales, you’ll have an assurance from the Coal Authority which has a duty to cover the costs of any damage to a property caused by its proximity to a mineshaft.

This only applies to coal and brine mines.

There are many other types of mineshafts that remain undocumented; so it’s likely that the mortgage lender will ask for more reports and reviews of the property before confirming your application for a mortgage.

If you’d like help in getting the required reviews and checks in place before applying for a mortgage, or knowing which providers would be prepared to lend to you, speak to an expert advisor.

A mortgage broker with experience in helping people get a mortgage for a property near a mine shaft can ensure all the necessary paperwork is in order and then take you directly to the right provider for your needs.

Call Online Mortgage Advisor on 0808 189 2301 or make an enquiry today.

How can I get a mortgage for a house near a mine shaft?

A mineshaft can have a significant impact on the ground the property is built on.

It can cause problems like:

  • Soil erosion.
  • The formation of sinkholes.
  • Contamination of groundwater and surface water.

In some cases, this impact is only felt hundreds of years after the mines were active. That’s why a mining search should be one of the first steps you take when looking into purchasing a property in an at-risk area.

Although it’s not legally required, a mining search will give you the peace of mind, knowing your property is not at risk and can help to secure your mortgage.

If you want to get a mortgage for a property that’s close to a mineshaft, it’s recommended you get a conveyancer to first assess the property and any risks the shaft poses.

A conveyancer will do a ground investigation to see what the associated risks are, and they’ll also ensure that the property is suitable and safe for long term occupation.

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Speak to an expert advisor about mine shafts and mortgages today!

If you’re considering buying a property near a mineshaft and want to know which lenders would be willing to give you a mortgage, it’s best to work through a broker.

Online Mortgage Advisor works with specialist brokers who can advise you on how to get your paperwork and property reviews in order to secure the mortgage of your choice.

The whole-of-market brokers we work with have access to mortgage lenders across the UK, so should be able to find the right specialist lenders offering mortgages for property near a mineshaft.

Give us a call on 0808 189 2301 or make an enquiry and we’ll put you through to a broker with experience in mortgages and mine shafts.

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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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