Is it a good idea to get a mortgage on a house with asbestos?
Asbestos exists in very many properties. If you're buying a home and the survey indicates the presence of confirmed asbestos, it can be a worry about whether you will be able to get a mortgage.
Given the volume of homes with some trace of asbestos, it isn't impossible to find a mortgage. A lot depends on where the asbestos is, whether there is any likelihood that it will be disturbed, and the lenders own policies.
Here we'll discuss the challenges associated with mortgaging a property with asbestos, and what criteria a lender will depend on when deciding whether to lend.
If you need assistance mortgaging a home with asbestos, or would like to compare the most competitive rates currently available on the market, give us a call on 0330 304 3040, or email the team at [email protected].
Is It Possible to Mortgage a UK Property Where There is Asbestos?
Yes, it is. Some lenders may have policies in place that prevent them from mortgaging a home with asbestos, whereas others will simply ask for sight of the survey.
Asbestos was widely used in UK construction right up until 1999. It is a material primarily used in fireproofing and can cause damage to lung tissue.
The severity of this respiratory diseases means that asbestos is no longer used, but is common in many parts of properties, often in the roof, but also potentially in:
- Fireplaces.
- Garages.
- Boilers, ducting and pipes.
- Insulation.
