Mortgages for unusual properties ''becoming easier to find''


Fri 4th Jan, 17:15:10 GMT

It is slowly becoming easier for people interested in buying unusual properties to find a mortgage provider willing to offer them a home loan, according to a industry expert.

While many people are interested in reaping the rich returns available to landlords who rent to students or immigrants and others are keen to make a listed property their home, lenders have traditionally been reluctant to agree mortgages on such properties.

Steve Collins, director of mortgage broker Finance4, suggested that some lenders were fearful that it could be difficult to find a buyer for unconventional properties should their customer default on the loan and have to sell up.

"Anything that''s outside the norm is going to present them with a problem that they probably don''t need," he said.

People who do manage to take out mortgages on an unusual property may face paying higher rates but Mr Collins explained that lenders are "very slowly" beginning to consider this section of the market in more detail.

"More lenders are realising that perhaps they shouldn''t be so scared, and are dipping their toe in the water," he said.ADNFCR-1143-ID-18414750-ADNFCR


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