Many become concerned when they learn there is Japanese knotweed present on their property as they wonder whether it will affect their mortgage. But will it? Find out if you can receive a mortgage with Japanese Knotweed today. Several banks have stepped forward in the last couple of weeks to say that knotweed may impact on mortgages ahead. Here are a few examples of banks and their policies regarding Japanese knotweed:
Santander have stated that:
‘Due to the invasive and destructive nature of the Japanese knotweed, if the weed is found near the property, we would need to assess whether or not a mortgage could be accepted. In such circumstances, decisions for these applications would be made on a case-by-case basis. However, if the weed poses a threat to the structure of the building the mortgage application would not be accepted.'”
Barclays have said that they would refuse a mortgage application unless you consult specialists and were in the process of dealing with the knotweed.
Don't spend money that you don't have to. Send us some photos of the suspected Japanese knotweed, and we will identify the plant for you, let us put your mind at ease.
While banks have not been able to confirm the details, reported cases of this affecting applications to re-mortgage properties have occurred.
At Japanese Knotweed Expert, we would always recommend that you consult a specialist weed surveyor if there is any suspicion that knotweed may be present on a property that you are either buying or selling. The specialist will confirm the knotweed presence, if any, as misidentification is common.
We would also recommend liaising with your mortgage advisor as many lenders may be happy to lend, providing there is a fully paid treatment plan in place.
So, if you are buying or selling a house, contact us today to book in your site survey. We will provide you with a fast, comprehensive service, completing these surveys throughout the whole of England and Wales!
