Church Conversion Mortgage
Our mortgage Service for /church conversions
Why choose our mortgage service?
Fair Mortgages can provide you with a first class mortgage service.
Special features of what we offer include:
Whole of market service - we can access specialist lenders who will consider church and other building conversion projects
Access to leading market rates
Access to exclusive mortgage deals not available on high street
Fast turnaround - call us if you need to move fast!
We have lenders who will take into account previous defaults and missed payments
If you are looking to raise finance we will look at all your finance options as well as remortgaging.
To investigate your lending options call our specialist team on 0117 403 4474 or fill in our call back form.
How to get a mortgage for a church conversion
Whether you are looking to find a grander property, with high ceilings and large windows for a smaller price than you’d expect for a more traditional home or you want to find somewhere with a truly unique charm and characteristics more and more home buyers have turned to church conversion properties to satisfy their needs. However despite over 20,000 churches being estimated to have been sold in the last 30 years getting a church conversion mortgage can still be difficult.
Larger mainstream lenders generally have rigid lending criteria where they want to make sure the property is good security on the loan, meaning they feel it would be relatively easy to sell on if they are forced to repossess it in the event of the borrower being unable to keep up with their repayments.
As a result of this securing a church conversion mortgage with them can be challenging but is not impossible. Due to their criteria it is easier to secure a mortgage for a church that has already been converted into a home particularly with their growing popularity, they may also consider a church building that is at least considered ‘habitable’ which generally means it has an inside bathroom, modern wiring and is watertight.
Getting a mortgage for an unconverted or rundown ecclesiastical building presents more of a challenge. There are still lenders who are willing to accept these kinds of mortgages, particularly smaller building societies.
Due to the higher risk involved you can expect to pay a premium for this kind of mortgage and the lender may first insist on a thorough survey of the property as well as two valuations. Because of the risk involved they may also choose to release the funds to you in instalments as various requirements of the renovation are fulfilled. With this kind of mortgage LTV’s can range from 66%-90%, so you may be expected to put down a larger deposit as well than with a more traditional mortgage.
Getting a ‘self-build mortgage’ to carry out the renovations may also be an option, for this kind of mortgage how much you can borrow is usually based on a multiple of your income or joint income.
Although there are perhaps more hoops to jump through to secure a church conversion mortgage they are becoming increasingly popular with borrowers looking for a unique home, and there are a range of options out there.
Borrowers who do wish to take out a church conversion mortgage or perhaps a mortgage for another type of unconventional property may find that speaking to an independent mortgage broker who can research what is available across the market may be helpful.
If you are interested in this type of mortgage or just want to know more you can fill in the form on this page to request a call back for a free initial conversation about mortgages from a Fair Mortgages Advisor - Call us to see what finance deals are available to you.