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Mortgage Advisor & Director
Can I get a mortgage for a house close to a mineshaft?
Mineshafts can pose a significant risk to nearby property, and if the property you are looking to buy is close to a mineshaft, you may worry that this will put off potential lenders. While the pool of willing lenders may be more limited than for a standard property, some lenders will consider an application for homes located near to mineshafts. They will need assurance that the integrity of the property will not be compromised in the future.
As a specialist mortgage requirement, we would recommend engaging an experienced, whole of market broker to not only maximise your chances of approval but also to find you the best deal. Our team of experts have helped thousands of people to find their perfect mortgage. Get started today, and we promise to make your mortgage journey as stress-free and straightforward as possible
What is the problem with homes close to mineshafts?
Abandoned mineshafts can cause soil erosion, sinkholes and water contamination in the local area, which clearly poses a risk to nearby residents.
Although the property may not be affected at the moment, underlying issues are not always apparent, and problems could arise in the future. If the home you're looking to buy is in a coal mining risk area, you can order a mining report from the Coal Authority which will detail the locations of old mines.
The Coal Authority has a duty to cover the costs of property damage caused by being close to a coal or brine mineshaft; however, there are other types of mine that are undocumented.
This means that your mortgage provider may order additional checks and reports to be provided to provide assurance. Your conveyancer will be able to help with this and provide guidance on whether the land is suitable for long term habitation.
How can I get a mortgage for a home close to a mine shaft?
Your best chances of securing a mortgage on a home near a mineshaft are by using a competent broker.
They'll be able to recommend the right lenders to approach, and will assist in guiding the necessary paperwork you'll need to get your mortgage. At Teito, our team have helped many people like you to find their perfect mortgage on an unusual property. Start today by completing our simple online form, and we promise to make your mortgage journey as stress-free and straightforward as possible.
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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.
