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Mortgage Advisor & Director
When we think of overhead power lines, we often visualise them as a hazard and danger to the environment and pedestrians. However, if your perfect house is located near power lines, should this be enough to put you off making an offer or make it harder to get a mortgage?
There is a general distrust of living near power lines, and although there have been several studies into health risks there have been no conclusions made.
According to current research, there is no direct evidence that you will become unwell or suffer from increased health concerns when living near high voltage power lines, but how do mortgage lenders feel about properties that have them overhead? Read on to find out.
Can you get a mortgage on a property with overhead power lines?
Yes, but some lenders might decline your application outright if the property you are buying has power lines overhead. This is because they may be concerned that the presence of power lines might put off future buyers in the event that the property has to be resold.
The good news, however, is that there are plenty of mortgage providers who have no problem whatsoever with overhead power lines, but in most cases, they will place extra scrutiny on the valuer’s report to ensure that the property is re-sellable.
Of the available lenders, some have specific requirements, with a minority stating that the power lines must be a minimum distance from the building, such as 100-250 metres.
Given that some lenders might reject a mortgage application if power lines are present, it’s a good idea to speak to a broker before you apply. They can help you save time and money by finding a mortgage provider who lends under these circumstances, first time.
Which lenders are available?
Mortgage lenders to avoid if power lines are nearby include Virgin Money, Accord and Precise Mortgages. These providers will not lend under these circumstances, but there are plenty who will consider it, especially with a satisfactory valuation report on your side.
Below you will find examples of mortgage providers who will lend on properties with overhead power lines, along with some of their specific criteria:
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Halifax: Will lend with no specific caveats, subject to valuer’s comments.
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Pepper Money: Will not lend on properties that are within 100 metres of above ground high voltage electrical supply apparatus, excluding small substations.
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Aldermore: Will only lend on properties within 250 metres of pylons/power lines/power plants/turbines subject to a satisfactory surveyor’s report.
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HSBC: Will lend with no specific caveats, subject to valuer’s comments.
The above are just a few of the lenders available for mortgages on properties near power lines. Speak to one of our brokers below for a full list of them:
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Is it dangerous to live in a house near power lines?
Multiple studies have indicated that there is no strong link between health issues and living nearby power lines, however, this has not stopped people from making their own assumptions.
One of the concerns about living near electric power lines is the possible links to childhood leukaemia, but existing research does not indicate a clear correlation or increased risk.
The power companies are quick to point out that the electromagnetic field around power lines is very low, and nowhere near high enough to cause serious harm. Although there have been claims of people becoming ill who live near power lines, there is no strong evidence that this could be linked to low-frequency electromagnetic fields (EMFs).
Do nearby high voltage power lines reduce property prices?
Electricity power lines can be off-putting to potential buyers, which can reduce property values.
As there is no proven apparent risk to human health of living near high voltage power lines, buyer concerns are more around their own opinions and potential resale value of the house.
For this reason, there is a reduced demand for properties located near high voltage power lines, which has been found to reduce property values by 2-9% compared to similar properties.
It is important to remember that if you do not like the idea of living near power lines, it does not mean that other buyers will think the same way. The location of your house is more likely to affect the price than whether or not it is near power lines.
Can I find out the power line EMF levels?
Yes, prospective homebuyers can contact the relevant power authority to ask for the EMF levels and a map of power lines in the vicinity of your potential home. You can then make your own decision as to whether or not this will affect you and the family.
Before making an offer on a property near power lines, it is important to remember that there is no proof of increased health risks with low-frequency EMFs. Although the possibility cannot be ruled out completely, until concrete evidence comes forward we should not be too concerned.
If you are less worried about living near power lines because of the possible reduced resale value, remember this should not be your main motivation for buying property. You should buy a house based on how it feels to live there, not whether or not it is near power lines.
It should also be noted that electromagnetic fields are generated by electrical wiring in our homes, from mobile phones, wifi, radio and other household appliances.
What is a safe distance to buy a house near high voltage lines?
Current legislation dictates living a minimum of 50m away from power lines. Any closer and this is considered to be a safety risk. Your surveyor's report will indicate the property location in relation to the distance away from power lines.
Your mortgage provider will also need to confirm the distance meets current regulations as this may have an impact on their ability to resell the property in the event of repossession, and may affect how much they are willing to lend.
National Grid offers a service for performing an EMF survey to determine the levels of electromagnetic fields surrounding the property.
Do power lines generate a buzzing noise?
The noise you hear from overhead power lines is caused by corona discharge. It's the sound of electricity passing through the air. The sound level varies depending on the number of power variations and it also depends on the wind, temperature and humidity levels.
The frequency of this noise is not enough to cause any damage or harm to humans.
How to get a mortgage on a property near power lines
At Teito, you can search through thousands of mortgage deals from hundreds of lenders, and apply online in minutes! Our quick and easy online application process saves you time and effort, meaning you can get on with your life. Get started today to find out if there's a mortgage that works for you!
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FAQs
Yes. There are roughly the same number of lenders available for buy-to-let mortgages on properties near power lines compared to residential. As with all buy-to-let mortgages, rates and deposit requirements may be higher, and affordability will be based on rental income.
For a complete rundown of the requirements, see our buy-to-let mortgage guide.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.