Japanese knotweed mortgages
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Japanese Knotweed Mortgage
You may have heard you cannot get a mortgage on a property with Japanese knotweed however its possible to get a mortgage on a property with Japanese knotweed. Lenders are however cautious with these types of property’s and thats why it’s important to speak to a mortgage broker who is able to help you navigate the lending landscape.
We must point out that re-selling a house at a later date that has or has had knotweed can make it harder to sell (in case lenders change criteria and refuse to lend on a property that’s EVER had knotweed).
Table of Contents
What is Japanese knotweed?
Japanese knotweed is essentially an aggressive weed that grows very quickly. It can grow up to 20cm per day which can cause damage to properties in the UK hence why some lenders refuse mortgages on these types of properties.
Japanese knotweed derives from Asia and was introduced to the UK by the victorians as an ornamental plant.
How to get rid of Japanese knotweed UK
Japanese knotweed has to have treatment done by a professional. Stems of the plant are usually sprayed with chemicals such as glyphosate. You may need several rounds of treatment.
Speak To Hemal
I have successfully assisted hundreds of people get their dream mortgage. With many years of experience as a Mortgage Broker. I have come across all types of clients who have trusted me to guide them through what can feel like a daunting process. I provide and lead my clients through this entire process with a precise, attention to every detail, in an effort to make sure their mortgage plans are being met with clarity and proficiency.
Should I buy a house with Japanese knotweed?
This is not a straight forward question to answer. This could depend on your property investment strategy. Its fair to say from experience that homes with Japanese knotweed can devalue your home and I guess it comes down to if you have a treatment plan in place.
If you are buying the property for investment and your strategy is cashflow then you could get properties slightly cheaper that would yield more.
Its best to speak to a mortgage broker about your options to help recommend the most suitable mortgage products for your needs.
Bridging loans for properties with Japanese knotweed
Bridging loan providers will generally lend to you if the property has Japanese knotweed. They will however want to see what you propose to do about the Japanese knotweed when exiting the bridging loan. Generally if you have a treatment plan in place then you will be able to exit the loan onto a normal long term buy to let mortgage. Click here to learn more about bridging loans.
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