Mortgage declined because of asbestos roof tiles

Humptydumpty123

I've just had my mortgage declined because the survey found it had asbestos roof tiles. The house I'm wanting is on the same Street that I live on now and it's right next door to my in laws. There's about 400 houses on the street with exactly the same roof tiles. The vendor had a survey done a few weeks earlier by another buyer that fell through. There was no mention of asbestos roof tiles just a bit of damp which they have now fixed. How come a surveryer never picked up on it then but did on my survey? A local roofer has had a look and confirmed they are asbestos tiles but safe as long as left untouched. As I said earlier there's about 400 houses with the same tiles on this street. How am I supposed to buy a home if so many houses a fitted with these?

ACG

Find a lender who does not have an issue with the roof type.
Run it by them before applying.

Humptydumpty123

I'd like to do that but we're using a broker and we've already paid application fees and applying with someone else woul mean more application fees

ACG

Not necessarily.
Not all lenders charge application fees, a lot do allow you to add it to the mortgage.
There could well be valuation fees which are unavoidable although you may find a lender prepared to accept a valuation previously carried out. But that is why I am suggesting to check about the asbestos roof before applying.

The damp could be an issue if another lender/surveyor has said they are concerned by it. But that is part and parcel of buying a house, unfrotunately there are costs that could be lost. Its important you/your broker checks anything they are unsure about before applying.

Thrugelmir

Is the roof likely to require re-tiling in the near future?

I'm surprised none of the properties in the street have been re-roofed. In my locality it's around 50%. With somebody every week starting to do theirs. As the tiles reach the the end of their useful lives.

Humptydumpty123

No a local roofer has inspected it and said it's fine, just needs ridge tiles and pointing doing. A few houses have been re roofed but majority are still original roofs.
Been speaking to our mortgage broker again today and been told if we pull out now to go with another lender it will leave a big negative on our credit score making it impossible to apply with another lender

ACG

The only negative marker would be another credit check. Im not sure thats a "big" negative marker. Infact if there is nothing else on your report its probably barely a negative marker.

David_White

Humptydumpty123 wrote: »

I've just had my mortgage declined

Humptydumpty123 wrote: »

Been speaking to our mortgage broker again today and been told if we pull out now to go with another lender it will leave a big negative on our credit score making it impossible to apply with another lender

Isn't your only option to go with a different lender?

Humptydumpty123

Sorry no the mortgage hasn't been declined they just won't lend me the full value of the house because they think it will need the roof replacing costing 10,000

marsman802

Not sure I'd like to take the chance myself.
We walked away from a house that flagged up a subsidence issue in the searches and despite paying out a load of money we walked - rather spend the money on a surety - although I appreciate a roofer has said its ok if u don't touch it