<h2>Getting a mortgage on thatched property<\/h2>\r\nWe\u2019re often asked questions surrounding mortgages for thatched properties, and how this type of build will impact a buyer\u2019s <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/">mortgage application<\/a>. It is true that a thatched roof mortgage can be trickier to obtain, and as such, this type of home is deemed \u201cnon-standard\u201d.\r\n\r\nThe good news is that the expert advisors we work with have plenty of experience with finding mortgages for homes with thatched roofs, even if you have been declined a mortgage in the past or you're <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/">looking for a mortgage with a bad credit history<\/a>.\r\n\r\nAny property that falls outside the standard definition tends to be considered higher risk, meaning they can be harder to insure and resell.\r\n\r\nSo if you\u2019re considering investing in a thatched property, be sure to understand the implications first:\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#get-mortgage-thatched-property">Can I get a mortgage on a thatched property?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#other-factors-affect-eligibility">What other factors impact eligibility?<\/a>\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#income-affordability-thatched">Income & affordability<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#deposit-thatched">Deposit<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#employment-types">Employment type<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#age-thatched-roof">Age<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#bad-credit-thatched">Bad credit history<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/thatched-properties\/#speak-to-expert-thatched">Speak to an expert on non-standard construction mortgages<\/a><\/li>\r\n<\/ul>\r\nFor information about mortgages on other types of unconventional properties, consult our section on <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/non-standard-construction\/">non-standard construction mortgages<\/a>.\r\n\r\n[feefo-banner]\r\n<h2 id="get-mortgage-thatched-property">Can I get a mortgage on a thatched cottage property?<\/h2>\r\nThere\u2019s nothing quite like the timeless beauty and charm of a thatched cottage, but is it possible to get a mortgage on one? The short answer is yes, absolutely - but they can be slightly more <a href="#risks">difficult to obtain<\/a>.\r\n\r\nThis is due to the risk thatched cottages pose as\u00a0\u201cnon-standard\u201d constructions, meaning potentially fewer mortgage lenders and insurance providers to choose from.\r\n\r\nSo, what are the reasons for this? Read on to find out...\r\n<h2 id="risks">What are the risks with thatched roof properties?<\/h2>\r\nContrary to popular belief, thatched builds are not more likely to catch fire than other roof types. While they can be a fire hazard, the most common concern for mortgage providers is the fact that thatched roofs need re-ridging regularly.\r\n\r\nRe-ridging is a costly process, and needs to be carried out approximately every 10 - 15 years for most properties. This means affordability could be a concern, and lenders may be more stringent with income checks and affordability requirements for thatched property loans than other mortgage types.\r\n\r\nSo, if you\u2019re looking to invest in a thatched home, be sure to find out the following before putting an offer down:\r\n<ul>\r\n \t<li>When was the roof last thatched?<\/li>\r\n \t<li>Has the roof been surveyed recently?<\/li>\r\n \t<li>Have the chimney and electrics been thoroughly checked recently?<\/li>\r\n<\/ul>\r\n<h2 id="other-factors-affect-eligibility">What other factors impact eligibility for a mortgage on a thatched property?<\/h2>\r\n<h3 id="income-affordability-thatched">Income & affordability<\/h3>\r\nAs mentioned, affordability tends to be one of the biggest concerns for mortgage providers when lending for a thatched home. It\u2019s for this reason that many lenders restrict the Loan to Value on a thatched property to 75%. Your income is a good indication as to whether that will allow you to keep up with your repayments for the requested loan amount.\r\n\r\nTypically, providers impose a cap of <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/4-half-times-salary\/">4.5x your annual salary<\/a> when calculating how much they\u2019re willing to loan you. While some lenders can be more generous, potentially offering x5 or x6 your salary, you may find that you are more restricted with thatched properties. It all depends on the risk your home poses as well as other factors.\r\n\r\n<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/property-types-advice\/" target="_blank" rel="noopener noreferrer">Get it touch<\/a>\u00a0to speak to a non-standard property expert and find out more on how your income may impact your application.\r\n<h3 id="deposit-thatched">Deposit<\/h3>\r\nHaving a larger\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/" target="_blank" rel="noopener noreferrer">mortgage deposit<\/a>\u00a0together can have a positive impact on your thatched roof mortgage application as it may open you up to a wider variety of lender options and access to more competitive rates.\r\n\r\nWhile many residential mortgage providers offer up to 85% loan to value (LTV), some 90%, and a handful at 95%, profferings can be less generous for higher risk properties. Generally, the more money you put down the better rates you can expect, as lenders have more reassurance of your commitment.\r\n<h3 id="employment-types">Employment type<\/h3>\r\nEmployment status and job role can also considerably impact your mortgage application and how favourably lenders look at you. This is because some roles are deemed higher risk than others.\r\n\r\nSay for example you\u2019re self-employed or you're looking for a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/income-types\/mortgages-for-temporary-workers\/">mortgage with a temporary work contract<\/a>, lenders may be more cautious than if you\u2019ve been in a stable, full-time role for several years. This is especially significant if you\u2019re looking for a mortgage on a non-standard build, such as a thatched roof property.\r\n\r\nYou can read more about <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/">self-employed mortgages<\/a> in our guide.\r\n<h3 id="age-thatched-roof">Age<\/h3>\r\nOlder applicants are often deemed as higher risk by lenders, who often have age restrictions, shorter borrowing periods and \/ or loan caps in place. This is another factor which could considerably impact your eligibility for an already high-risk mortgage.\r\n\r\nHowever, there are some providers out there who are happy to lend to older borrowers, and depending on how much risk is posed by the thatched property alongside other circumstances, may be more than happy to lend to you provided you meet the\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/" target="_blank" rel="noopener noreferrer">affordability<\/a>\u00a0requirements.\r\n<h3 id="bad-credit-thatched">Bad credit history<\/h3>\r\nAs discussed, every mortgage provider has different requirements and eligibility criteria, and the same applies with bad credit. Generally, it depends on the recency and severity of the issue. There are however a large number of lenders willing to consider adverse credit at some surprisingly competitive rates.\r\n\r\nIf you\u2019ve experienced any of the above want to know how it will impact your mortgage application, you can find more information on a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/">bad credit mortgage<\/a> here,\u00a0or\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/thatched-property-types-advice" target="_blank" rel="noopener noreferrer">contact us<\/a>\u00a0to be referred to one of the bad credit experts we work with.\r\n<h2>Why you should speak to a whole of market mortgage broker<\/h2>\r\nWe\u2019ve helped over [customers_helped] people find the right mortgage, even those who may have been declined a mortgage or have had bad credit history.\r\n\r\nIn fact, our customers consistently rate us 5 stars on Feefo, mainly due to our high levels of service, but also because we offer offers a 5-star service with access to expert brokers who are:\r\n<ul>\r\n \t<li>Whole of market.<\/li>\r\n \t<li>Have a working relationship with all non-standard construction lenders, not just a select few.<\/li>\r\n \t<li>Already know the lenders to go to for thatched properties as they successfully arrange these deals already.<\/li>\r\n \t<li>Can offer bespoke advice on mortgages for thatched properties<\/li>\r\n \t<li>OMA Accredited advisors.<\/li>\r\n \t<li>Have completed a 12 module LIBF accredited training course.<\/li>\r\n<\/ul>\r\n<h2 id="speak-to-expert-thatched">Talk to a non-standard property expert today<\/h2>\r\nIf you like what you\u2019re reading or require more information, call Online Mortgage Advisor on 0808 189 2301 or make an enquiry\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/thatched-property-types-advice" target="_blank" rel="noopener noreferrer">here.<\/a>\r\n\r\nThen sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don\u2019t charge a fee, and there\u2019s no obligation or marks on your credit rating.