Is it difficult to get a mortgage on a barn conversion?
July 12, 2023by Lee ChambersBarn Conversion
Securing a mortgage for a barn conversion can be more challenging than for a standard residential property. Here’s why:
- Unique Property: Barn conversions are unique properties, and each one is different. This can make it difficult for lenders to assess their value and risk.
- Higher Costs: Barn conversions can be expensive to build and maintain, which can make lenders wary.
- Planning and Building Regulations: Barn conversions often come with planning restrictions and building regulations that can affect the property’s value and saleability.
- Insurance: It can be more difficult and expensive to insure a barn conversion, which can also affect a lender’s willingness to offer a mortgage.
However, it’s not all doom and gloom. While some mainstream lenders may be hesitant, there are specialist lenders who understand the unique nature of barn conversions and are willing to provide mortgages. It’s also worth noting that once the barn conversion is complete and meets all necessary regulations, it can be easier to secure a mortgage.
In conclusion, while it can be more challenging to get a mortgage for a barn conversion, it’s not impossible. It’s important to do your research, speak to a mortgage advisor, and consider approaching specialist lenders.
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