Unusual or unique home mortgages

If you are buying a property then in most cases you will buy an 'ordinary' house, one that is made of bricks and mortar, quite possibly on a street or road with tens or even hundreds of very similar properties.

Most mortgages are geared towards standard properties. But there are a wide range of other property types out there, ranging from the eclectic to the weird. And not all houses are made of bricks and mortars, there are various other types of property out there. Most people know the location of a thatched roof building nearby for instance.

If you own a more unusual property, then getting a mortgage can be a little harder. Some lenders only lend on orthodox properties. However there are many lenders that have what are called something like a unique home or an unusual home mortgage.

They typically will lend you a lower percentage of the value of the property as it might be both harder to assess the value and also presents slightly higher risk to the lender as does anything that is unusual and not mainstream.

The sorts of properties that might fall into this category could include things like a property made of wood / timber, perhaps a medieval house. Some people buy strange buildings such as a lighthouse at a property auction, or perhaps an old mill or just a property in a bad state of disrepair: these could be potentials for a unique home mortgage product.

If you are thinking of buying a unique home but will definitely need a mortgage in order to afford it, then you will no doubt work out whether you are likely to be able to get a mortgage on the property before going ahead - if it's something that no lender wants to touch with a barge pole then you could be in trouble; particularly if buying at something like auction where you need to find the money quickly!

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