Mortgages For Church Conversions

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To investigate your self build mortgage options call our mortgage team on 0117 403 4474 or fill in our call back form.

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As your mortgage is such an important transaction, good advice is imperative.

Mortgages For Church Conversions

There can be a number of potential advantages from living in a converted church; these types of buildings may be able to offer buyer high ceilings, large windows and unique characteristics and charms however, despite their being an estimated 20,000 churches sold in the last 30 years finding a mortgage for a church conversion can be more challenging than getting a traditional mortgage.

Lending criteria

The larger mainstream lenders tend to have a rigid criterion of requirements for buildings they will lend upon, this is designed to try and make it as easy as possible for them to sell on a property, if it had to be repossessed due to a borrower not making their mortgage repayments.

This means it can be easier to find a mortgage on an already completed church conversion. It may also be easier to find a mortgage for an ecclesiastical building that is at least considered ‘habitable’ meaning it has modern wiring, plumbing, an inside bathroom, basic kitchen and that the building is watertight.

Getting a mortgage for unconverted or rundown ecclesiastical buildings can be more challenging, although there are still lenders who are willing to accept these kinds of buildings.

Self-build

Self-build and renovation mortgages are a type of finance designed for people who want to use a mortgage to fund the construction/renovation of a property. These mortgages are often designed so that instead of their being a one off payment, payments from the lender are made in instalments, over the course of the project minimising the risk towards the lender. These usually work by once a stage of the project being completed another valuation/assessment is carried out after which the lender will release that instalment.

Mortgage adviser

Borrowers who are thinking about taking out a mortgage for a church conversion or perhaps a mortgage for another type of unconventional residential property may wish to consider using the services of an independent mortgage adviser.

An adviser that offers a whole of market service can, in addition to being able to offer their clients impartial advice, use their professional knowledge of the mortgage market to search across a range of providers to try and find the most suitable products. There is also a selection of mortgages that borrowers can only apply for via an intermediary, which in some cases might present them with the best deal.

To find out if Fair Mortgages could help you; you can fill in the online contact form on this page to request a call back from a Fair Mortgages Adviser, alternatively you can call directly on: 0117 403 4474