Head of Content
Mortgage Advisor & Director
Can you get a mortgage for a property with outbuildings?
The simple answer is yes; you can get a mortgage for a property that includes outbuildings.
There are a few factors to consider, as it is not always so straightforward. If you're looking to buy a property with outbuildings, there is a good chance that it will come with some land. Lenders can sometimes be wary of large properties with land and outbuildings, although this depends on the use and condition of the outbuildings.
As a non-standard mortgage requirement, your greatest chance of getting mortgage approval is to engage an experienced broker. Not only will a competent broker be able to recommend the most appropriate lender and boost your chances of a successful application, but they will also work to get you the best deal possible.
At Teito, we've helped many people like you to find their perfect mortgage. Get started now, and you could be comparing mortgages in minutes.
What can outbuildings be used for?
Outbuildings have a wide range of uses. For lenders, the use of the outbuilding is important, as it helps to determine the level of risk that they'll be exposed to if they provide a mortgage.
Outbuildings can include:
- Stables
- Garden Offices
- Garages
- Kennels
- Workshops
- Summer Houses
If the property you're looking to buy has separate cottages on the land, animal grazing rights, or stables, you may find a lender rejects your application.
A whole of market broker, such as Teito, will be able to recommend a specialist lender who is more likely to approve your application.
Will I need a commercial mortgage?
If your outbuilding will generate income, for example, through stable livery services or letting a glamping pod on AirBnB, you may find you need a commercial mortgage.
Whether you need a commercial mortgage will depend on what percentage of the property is classed as residential in comparison to the income-generating assets.
Apply for a mortgage now
At Teito, as a whole of market broker, we work with more than 100 lenders offering 20,000 mortgage deals to find you the best deal possible. If you're looking to buy a property with outbuildings and need a mortgage, you can start comparing deals today.
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.
