Can you get a mortgage for a house with tin roof?
In this article we look at the possibility of getting a mortgage for a house with tin roof. The information in this article will help readers broaden their knowledge of mortgages and specifically understand some of the lending criteria adopted by mortgage companies.
Introduction
Tin is one of the cheapest materials available and it has been around for ages. Although there are now many other stronger metals available in the market and even non-metals like asphalt shingles and ceramic tiles for roofing material, tin roofs have been used most widely for hundreds of years in UK. Why?
Tin is not only one of the most abundant metals on our planet but it is also the cheapest. A tin roof is extremely durable in harsh environmental conditions. Unlike a strong steel roof, it does not rust after a few days in the rain and is resistant even to salt. It can even withstand acid. That’s why it is quite popular among people living close to industrial areas and the sea. Since tin is one of the most abundant metals on this planet it is easy to acquire and thus has reached even the most backward of human settlements.
But what do mortgage lenders think of tin?
The mortgage lenders in the UK are fighting for the business as the market continues to expand at a steady rate after the recent downturn. The fact is, today you are able to find finance on a variety of properties rather more easily than a couple of years back.
Even so, sometimes it is hard to say whether or not you will get a mortgage on a tin roof house in the UK. It will depend solely on the mortgage provider and the condition of the house in general and the roof in particular. On many instances in the recent past, people who had tin roofs on their domestic properties were able to get mortgage. The lenders, in such instances, will ask a technical expert to conduct a detailed examination of the roof to determine its present condition. In the end it all depends upon the mortgage provider who would be asking for this anyway.
The lenders also consider other factors like the location, the borrower’s creditworthiness etc. while deciding whether to offer a mortgage on a house with tin roof. If the house is located in comparatively upmarket location it is more likely to find favour with the lender. Similarly, a good credit history comes handy in such instances as always. But, as a rule, the interest rates charged on houses with tin roofs tend to be at least one percentage point higher than similar houses with solid roofing.
Conclusion
While it is possible to get mortgage for a house with tin roof, it is not as easy as for one with a solid roof. You may have to approach multiple lenders, go through a lengthy process that evaluates the condition of the roof and house and finally pay a higher rate of interest on the mortgage. If your house is located in a premium locality and your credit history is not bad, your chances of obtaining a mortgage are higher.
