Can I get a mortgage for a single skin property?
Your home may be repossessed if you do not keep up repayments on your mortgage
What is a single skin property?
Most modern homes in the UK are built with two layers of external wall with a gap (or cavity) in between the layers. The gap is often filled with an insulating material to help reduce heat loss. A single skin property is different in that it only has one layer of external wall. A property could be classed as ‘single skin’ if it’s built entirely with just one wall or whether only part of the property has a single skin (e.g. one wall, one storey or an extension).Can I get a mortgage for a single skin property?
If you live in a single skin property or are thinking about investing in one, it can be challenging to get a mortgage, but it’s not impossible. The way a property is constructed can have a huge impact on whether you can secure a loan to buy it. In this blog we explore properties with a single skin and the impact that can have on getting a mortgage.Why is it harder to get a mortgage for a single skin property?
Single skin construction is widely considered to put a property at higher risk of weathering and damp. This makes them harder to sell as they’re less appealing to most buyers. Lenders aren’t keen to provide mortgages on single skin properties because, should the lender have to repossess the property (if the borrower can’t make repayments on their mortgage), resale would be much more difficult.How can Mortgage Style help me get a mortgage for my single skin property?
Benefit from our experience- Our team has over 100 years of industry experience between them and maintain an up-to-date knowledge of what types of property lenders will and won’t provide a mortgage on.
- We can help you search for the right deal to suit your specific circumstances, saving you time.
Kelly Flanagan, Senior Mortgage and Protection Advisor at Mortgage Style, tells us about a recent case;
“A new client had been referred to us by a friend of theirs after struggling to find a mortgage for a home they wanted to buy.
A next step on the ladder, the property was in a great location for them, close to work and school, with a greater amount of floor space, bigger garden and better living accommodation, but it was built using single skin construction and the client had spoken to several lenders who had declined to provide a mortgage.
Frustrated by the refusals they’d had, the clients called me to explain their situation and ask for help.
Knowing the handful of lenders that will provide a mortgage on a single skin property, I used my connections with the Business Development Managers at those firms to discuss this case.
After several conversations going over the specifics and a lot of time completing the application process, we were able to get the clients a mortgage offer so they could secure their dream home.”
Your broker; your advocate
Your advisor’s job is to find the right mortgage for your specific circumstances. Once they’ve devised a solution to your lending needs, the next critical step is to secure an offer which can require tenacity and ingenuity in how the application is positioned. Sometimes a straightforward form-filling exercise simply isn’t enough, and your broker will liaise with a lender on your behalf, dealing directly with underwriting teams over a raft of technical policy details to explain your specific case and make sure we can secure a deal.Why should I choose Mortgage Style to help me get a mortgage for a single skin property?
- Multi award-winning advice We’re proud to be an integral part of the local property market, winning Bristol Property Awards’ financial category in 2022 and making it as finalists in 2023’s Bristol Life awards. In May 2024 we won “Best Financial Services Supplier” at the national HMO Awards which recognise leading lights in this specific property sector.
- 5* service With a Google rating of 5 stars, a Trustpilot rating of 4.9 and more than 450 client reviews across all platforms, you can be sure you’re getting a service you can rely on.
- Get in touch Please contact us today if you need help getting a mortgage for a single skin property. We’ll explain more about our service and what you can expect. We charge a fee, but you won’t pay anything unless you decide to go ahead with our advice.
