Asbestos was fully banned in the UK in 1999, meaning that many properties built before then used it in their construction. As a result, lots of houses on the market today still feature asbestos for insulation.
Understanding the risks of asbestos and when you do/don’t need to worry about it helps you to make an informed and safe purchasing decision on your next home. Learn more with Barlow Irvin today.
Can you get a mortgage on a house with asbestos?
You can get a mortgage on a property with asbestos, as it is common with properties built or renovated before the year 2000. However, many lenders may require a specialist survey to check the condition of the asbestos, and you may even need to get the asbestos professionally removed before you can purchase.
What is asbestos?
Asbestos is the term used for a collection of naturally occurring fibrous materials. White, brown and blue asbestos were the most commonly used as building materials thanks to their resistance to heat and fire, as well as chemical and electrical damage.
Asbestos has since been declared as a highly dangerous material, which is why it is no longer used in building construction.
Why is asbestos dangerous?
Asbestos is dangerous because when disturbed, it breaks into microscopic fibres which can be inhaled, settle in the lungs and cannot be broken down by the body. This can cause:
- Chronic inflammation
- Scarring
- DNA damage
- Lung cancer
- Mesothelioma
- Other fatal diseases
Asbestos generally only poses a risk if it is damaged or exposed, so lenders will take this into account when considering your mortgage application.
Should you remove asbestos from a property?
It is generally accepted that removing asbestos which is in good condition, sealed and undisturbed, can actually cause more harm than good. Whilst asbestos can be dangerous, it won’t be causing any risks if it’s sitting untouched, therefore there’s no need to remove it in most cases.
However, if it is exposed, damaged or flaking, it’s important to get asbestos professionally removed. On top of this, if you’re planning on renovations which will disturb the asbestos, you will also need professional removal.
Will a regular building survey detect asbestos?
A standard homebuyer or building survey is not a specific check for asbestos. As a result, they are not guaranteed to uncover asbestos issues.
However, based on their experience and knowledge of properties, a surveyor may comment on or point out areas of the house which are likely to contain asbestos, prompting the need for a proper asbestos survey.
When to get an asbestos survey
You’ll need to get an asbestos survey on any property where you’re suspicious or worried that there may be asbestos present. This will also be a specific requirement for many lenders to even consider giving you a mortgage.
You should get a survey done immediately after an offer is accepted, but before contracts are exchanged. This gives you the chance to uncover hidden issues and potentially renegotiate the house price.
Should you avoid buying a house with asbestos?
The presence of asbestos isn’t necessarily a reason to avoid buying a property. Whilst it’s not ideal for a house to contain asbestos, proper management usually means that risks never actually present themselves.
As asbestos is a relatively common issue, there are many mortgage options available for houses with asbestos.
Negotiating a house price offer with asbestos
Asbestos can decrease the value of a house, meaning that if you discover asbestos following a specialised survey, you may be able to negotiate a better price.
To do this, you should get quotes from asbestos removal specialists regarding how much removal may cost. You can then use this to back up your new offer, reflective of removal costs.
Get a Mortgage on a Property with Asbestos
Getting a mortgage on a house with asbestos
Getting a mortgage on a house with asbestos requires careful planning and management to ensure that you are investing in a safe property, and you are getting the best possible deal.
The best way to find the right mortgage product is by working alongside a specialist mortgage advisor such as Barlow Irvin.
Our team is highly experienced when it comes to dealing with mortgages on properties with asbestos, and we’ll help you navigate the surveying and buying process to uncover issues and negotiate the best possible deal.
Get in touch today.