In this article on Wattle and daub mortgages, we will help our readers to understand the basics of wattle and daub mortgage loans, as well as how they work. Wattle and daub is a type of non-standard construction in the UK. As it is considered non-standard construction, mortgage options are limited for borrowers. There are some mortgage lenders who will reject your application for getting a mortgage for wattle and daub homes. Some may accept your mortgage application but with high-interest rates. If you are interested in getting a mortgage for any unusual construction, you need to contact an expert broker who can help you with a suitable mortgage deal.
What is Wattle and Daub?
Wattle and daubs are an ancient method of building that dates back to over 6000 years, some historic timber structures are still standing from the 15th century.
The wattle frame is made of a reed lattice that is placed between the timber frames. Daubs, a mixture of clay, sand and cow dung, is then applied to the outside of the structure and allowed to harden. Repairs to waddle and daub structures are not something your ordinary builder could do; specialist treatments are needed.
What Is A Wattle And Daub Mortgage?
A wattle & daub home is a house that was built using traditional methods of building materials such as mud, clay or straw. The walls were made from these materials and then covered with a layer of clay plaster. This process is called “wattle and daub”. A wattle and Daub mortgage is a bank product that helps a buyer to buy a property that has been constructed using this method. It is also known as a ‘non-standard’ mortgage because the lender does not offer standard products.
Who Can Get A Wattle And Daube Mortgage?
Anyone can get a Wattle & Daub loan if they meet certain criteria. These include:
• You must be able to prove that you have enough money to pay off the mortgage.
• You must be willing to make regular repayments.
• You cannot already have a mortgage on another property.
• Your credit rating needs to be good.
There are many other factors that you may need to fulfil for mortgages on a non-standard construction. It is better to contact a mortgage advisor before starting the application process.
How Does A Wattle And Daube Mortgage Work?
When you apply for a Wattle & Daub loan, you must provide proof that you own the property. You will be asked to show evidence of ownership of the property, including deedsLegal documents that prove ownership of a property. or title documents. You will also need to provide details about the property, including its value. Once you have provided all the necessary information, the lender will decide whether to approve your loan.
If you are approved for a Wattle and Daub loan, you will receive a mortgage document which states what you owe, when you pay off the loan and how much interest you will pay each month.
If you are not sure about the mortgage application process, you can always contact a mortgage advisor who can help you with the complete process.
Can I get a mortgage for a Wattle and Daub structure?
Yes, you can get a mortgage for the Wattle and Daub property structure.
Different mortgage lenders have different lending criteria.
Many lenders believe any house that doesn’t follow conventional building practices has a “higher level of risk” and therefore less likely to get a mortgage as they are seen as having less structural integrity.
Although it may prove a little more difficult to find a lender, there are providers out there who will offer a mortgage on a home that’s of non-standard construction.
Mortgage providers may be more hesitant to lend on unusual properties. So, if you’d like to purchase a non-standard building, you’ll likely find that your choices are limited. That’s why using a Mortgage Broker is important as they have knowledge of which lenders and providers specialise in these types of mortgages.
Resale on Wattle and Daub
Resale can be difficult for a wattle and daub home because they may not last long unless care is taken in maintaining the structure. The paint peels off after about 10 years, and the wood starts to rot.
However, there is a market appeal for prospective buyers who desire a more unique type of property, they are likely to consider the commercial risk of buying a thatched cottage with non-standard traits, for example, non-standard insurance may be necessary.
If you want to sell your home quickly, you may need to do some major repairs first, such as a roof replacement – a thatched roof changed for a tiled roof to minimise the potential risk of fire. Repairs can minimise the element of risk for the buyer, while also reducing the risk to mortgage providers.
Some lenders may be reluctant to lend to people who have non-standard properties. They might not want to lend to someone whose house has certain quirks, potential complications, or that costs a lot to maintain.
Next Steps – Wattle & Daub Mortgages
We are a whole of market mortgage brokers in the UK. We work with different lenders from around the country, so we know exactly where to go to source the best deal for you. If you’re looking for the best mortgage deal as per our budget, then please feel free to contact us.