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The type, construction, location and condition of your property can all affect which lenders will accept it as security for a secured loan.
However, having an unusual property doesn’t necessarily mean you won’t be able to borrow. We work with lenders that can consider a wide range of property types and features, including non-standard construction, annexes, flat roofs, solar panels and properties that have experienced subsidence or Japanese knotweed.
Some properties can be accepted under a lender’s standard criteria, while others may need to be referred so the lender can review the valuation and individual circumstances before making a decision.
Below, we explain how lenders approach some of the less straightforward property types we regularly encounter.
Yes. There are lenders that can accept properties with annexes as security for a secured loan.
An annexe is usually a self-contained living space associated with the main property. It may be attached to the house or located in a separate structure or outbuilding and can share services with the main property.
The lender will usually want to understand how the annexe is being used and whether anyone currently lives there.
They may also want to establish whether the annexe forms part of the same property and title, whether it has its own address and whether it is being used by a family member or occupied under a separate arrangement.
Having an annexe doesn’t automatically make a property unacceptable. The important thing is establishing its use and configuration so that the property can be matched with an appropriate lender.
Yes. There are specialist lenders that can consider properties classed as non-standard construction.
A non-standard construction property is generally one that isn’t built using traditional brick or stone walls with a conventional tiled or slate roof.
Examples can include properties constructed using:
Timber frames
Steel frames
Large panel systems
In-situ poured concrete
Wimpey No-Fines
Laing Easiform
These properties will often need to be referred to the lender so that the construction type and valuation report can be reviewed.
The precise construction system can be important because lenders don’t necessarily treat every non-standard property in the same way.
If you know the construction type of your property, tell us before applying. Our advisers can check whether it falls within a lender’s standard criteria or whether it will need to be referred for individual consideration.
Yes. Properties with flat roofs can be accepted by secured loan lenders, although the lender may want additional information about the roof and its condition.
A flat roof isn’t automatically considered unacceptable security. However, lenders and valuers may consider factors such as how much of the property has a flat roof, the materials used, its age and its overall condition.
This is because a poorly maintained flat roof can be more susceptible to problems such as water ingress and leaks.
Depending on the property and lender, the case may need to be referred so that the valuation and condition of the roof can be reviewed.
If your property has a full or partial flat roof, we can establish whether the lender is likely to accept it under its normal criteria or whether a referral is required.
Potentially, yes. Properties affected by Japanese knotweed can be considered by some secured loan lenders, although the case is likely to require additional assessment.
The lender and valuer will want to understand the extent of the Japanese knotweed and its location in relation to the property.
They may also need information about any treatment or management plan that is already in place.
The presence of Japanese knotweed doesn’t necessarily mean the property will be declined. The lender’s decision will depend on the level of risk identified by the valuation and whether any required treatment or management measures are satisfactory.
If Japanese knotweed has already been identified at your property, let us know. We can look at the circumstances and establish which lenders may be prepared to consider it.
Yes. Most of the lenders we work with can accept properties with solar panels.
The important consideration is usually the arrangement under which the panels were installed.
If you own the solar panels outright, the application may be relatively straightforward. If the panels are subject to a lease or another agreement with a third party, the lender may want to review the terms.
If you’re aware of any lease, restriction or other agreement relating to your solar panels, let us know at the start of the application. This can allow the relevant details to be checked earlier and help avoid unnecessary delays later in the process.
Yes. There are lenders that can consider properties constructed using mundic blocks, although the valuation and results of any mundic testing can be particularly important.Mundic blocks were produced using materials including mining waste and were widely used in parts of South West England, particularly Cornwall and parts of Devon, during the first half of the 20th century.
Some of the materials used can deteriorate over time, which means lenders and valuers may require further investigation before accepting the property as security.
If you know that your property contains mundic block, it is useful to establish whether appropriate testing has already been carried out and what classification or grading was given.
The lender may then review the valuation report and test results before deciding whether the property is acceptable.
Tell us if you know your property contains mundic. The test result and classification can make an important difference to which lenders may consider the property, so this is useful information to establish before approaching a lender.
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Potentially. A history of subsidence can make a secured loan application more complicated, but it doesn’t automatically prevent the property from being accepted.
Subsidence occurs when the ground beneath a property moves downwards, which can cause movement and damage to the building.
A lender will want to understand whether the subsidence is historic or ongoing, what caused it and whether appropriate remedial work has been completed.
Where repair work has been carried out, you may be asked to provide supporting documentation. Depending on the circumstances, this could include a structural engineer’s report or evidence of the remedial work.
The property’s current condition and the findings of the lender’s valuation will also be important.
If your property has previously experienced subsidence, having the relevant reports and repair information available can help us identify lenders whose criteria may accommodate it.
Yes. Some secured loan lenders have minimum or maximum property values, and these can vary according to the property’s location and the required loan-to-value (LTV).
For example, some lenders may consider properties valued up to around £2.5 million in Greater London, depending on the LTV and their current criteria.
At the other end of the scale, some lenders may have a minimum property value of around £60,000, although this can also vary according to location and LTV.
These aren’t universal limits. Different lenders have different property-value criteria, and some cases may be considered on referral.
If your property has a particularly high or low value, we can check which lenders’ criteria are most appropriate rather than assuming the property falls outside the available lending range.
Not necessarily.
There are lenders that can consider a property as security from the first day of ownership, so you don’t always need to have owned your home for a minimum number of months before applying for a secured loan.
Other lender criteria will still apply, and the circumstances of the purchase and your borrowing requirements may need to be considered.
If you have only recently purchased the property, let us know when you became the registered owner so we can identify lenders whose ownership criteria are suitable.
Most lenders don’t apply a straightforward maximum number of bedrooms to a standard residential property, although unusually large or differently configured properties may require further consideration.
Multiple kitchens can also be acceptable, but the lender may want to understand why the property has more than one.
For example, an additional kitchen within an annexe may be perfectly reasonable.
The lender may want to establish whether the property remains a single residential dwelling or whether its layout and use suggest that it has been divided into separate accommodation.
This doesn’t necessarily make the property unacceptable, but it can affect which lenders are prepared to accept it as security.
Yes. Properties in Northern Ireland and the Scottish Islands can be accepted for secured loans, although the number of lenders available may be more limited.
For properties in more remote Scottish locations, one practical consideration can be arranging the valuation.
There may be fewer surveyors covering some islands and remote areas, which can mean that arranging a physical valuation takes longer than it would in other parts of the UK.
In some cases, a surveyor may coordinate several property inspections before travelling to a particularly remote location.
This doesn’t necessarily affect whether the property is acceptable, but it can affect how long the valuation and application take to complete.
If your property is in a remote location, our team can check lender coverage and explain whether there are likely to be any additional valuation requirements before you proceed.
Yes, some lenders apply geographical or postcode restrictions, but we work with lenders covering most regions of the UK, including parts of Scotland and Northern Ireland.
Remote locations may be subject to additional criteria or a more limited choice of lenders.
This means that a lender declining to consider a particular postcode doesn’t necessarily mean there are no secured loan options available. Another lender may have different geographical criteria.
At present, we don’t have lenders offering secured loan products on properties in the Isle of Man or Channel Islands.
If you’re unsure whether lenders cover your postcode, our advisers can check before you apply.
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
It is worth telling us about anything unusual concerning the property at the beginning of the application.
This could include:
An annexe or multiple kitchens
Non-standard construction
A full or partial flat roof
Japanese knotweed
Solar panel leases or agreements
Mundic block construction
Previous or current subsidence
A particularly high or low property value
Very recent ownership
A remote location
None of these automatically means that you can’t get a secured loan.
Providing the information early allows us to compare your property against lender criteria and, where necessary, approach lenders that can consider the property on referral.
An unusual property doesn’t necessarily require an unusual solution — but it does require choosing a lender whose criteria fit the property.
At Willows Finance, we look beyond the basic property value. We can consider its construction, condition, location, configuration and any specialist reports or documentation you already have before identifying lenders that may be able to help.
This can be particularly useful where another lender has already declined the property because of its construction type, location or another unusual feature.
Request a free quote or call Willows Finance on 01656 766 158 to discuss your property with one of our advisers.
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 06678545 (Registered in England and Wales)
This document explains the services we provide, the range of lenders and products we consider, how mortgage advice may be provided, and how Willows Finance may be paid. Please read it carefully before proceeding with an application.
If you need clarification about any part of this document, please contact us on 01656 766158.
Willows Finance arranges first and second charge mortgage products. Depending on the circumstances of the application, these may include:
We also arrange both regulated and unregulated bridging finance.
Not every product will be suitable or available to every customer. The products considered will depend on your circumstances, borrowing requirements, purpose of the borrowing, property, intended use of the property and the relevant lender criteria.
Depending on your circumstances, Willows Finance may:
If you are looking to increase borrowing secured on a property which already has a regulated mortgage, there may be different ways of raising the additional funds. Depending on your circumstances, these may include:
Where applicable, we will make you aware of these alternatives before proceeding. The options we are able to assess or advise on will depend on the service being provided and the lenders available to us.
The regulatory status of a mortgage or bridging loan depends on the circumstances of the transaction, including the property, how it is or will be occupied, the purpose of the borrowing and the customer’s circumstances.
Our business includes:
We will identify the regulatory status applicable to your application and explain the service and protections that apply. The protections available to you can differ depending on the type of mortgage or loan.
The range of lenders and products we consider depends on the type of finance you require.
We offer a comprehensive range of second charge mortgages from across the relevant market using a representative panel of lenders. We review our panel regularly to ensure that it remains sufficiently broad and representative. We do not consider products that are only available by applying directly to a lender.
We only offer first charge mortgages from a limited panel of 13 lenders. We consider the first charge mortgage products made available to us by Kensington Mortgages, The Mortgage Works, Aldermore, United Trust Bank (UTB), Together, Masthaven, West One, Norton, Bluestone, Vida, Pepper Money, Mansfield Building Society and Nationwide Building Society.
We do not offer every first charge mortgage available from across the market.
We consider products from a range of lenders available to Willows Finance for the relevant transaction.
Consumer Buy-to-Let and unregulated Buy-to-Let applications are considered within the relevant first charge, second charge or bridging route, depending on the structure of the transaction.
We do not provide a whole-of-market service and do not claim to consider every mortgage or secured finance product available in the UK. Our assessment is based on the lenders and products available through our lender and distribution arrangements.
Where the applicable regulatory rules require us to identify the lenders whose products we offer, the relevant lender list will be provided to you in a durable medium as part of the initial disclosure for your application. A lender list is also available on request where applicable.
The service provided will depend on the lender, product and application route identified for your circumstances.
Where Willows Finance provides the mortgage advice, we provide an advised mortgage broking service. We will obtain information about your needs and circumstances, assess the lending options available within the scope of our service and, where appropriate, make a mortgage recommendation.
We will make it clear where Willows Finance provides the mortgage advice and recommendation.
We may also provide a packaging service. This is a non-advised administrative service under which we may collect information and supporting documents, complete administrative checks, liaise with the relevant parties and submit or progress an application.
When we provide a packaging service, we do not assess the suitability of the mortgage, provide mortgage advice or make a personal recommendation. Any regulated mortgage advice or recommendation will be provided by the appropriately authorised intermediary responsible for advising you.
Our packaging service is not a regulated advisory service. However, the mortgage itself and any arranging activity connected with it may still be regulated and subject to the applicable regulatory requirements. We will explain the nature and regulatory status of the service we are providing before you proceed.
For some applications, particularly certain second charge mortgage applications, our sourcing exercise may identify a route where the subsequent mortgage advice is provided by another regulated mortgage intermediary.
In these cases, the Willows Finance service may include:
After the introduction, the receiving intermediary may take over the detailed application, advice and recommendation process. We will make it clear where this type of referral arrangement applies.
Where our sourcing process identifies Evolution Money Limited as an appropriate route and we introduce your application to Evolution Money, Willows Finance will not provide the regulated mortgage advice or make the final mortgage recommendation in relation to the Evolution mortgage.
Following the introduction, Evolution Money Limited will take over the detailed application and advisory process. Evolution Money will assess your needs and circumstances and will be responsible for any regulated mortgage advice and recommendation it provides in relation to the Evolution mortgage.
Willows Finance remains responsible for the service it provides before and in connection with the referral, including its initial assessment, sourcing and introduction activity.
If you are experiencing financial difficulty, or if you are considering borrowing to consolidate existing debts, free and impartial debt advice is available from MoneyHelper and other free debt-advice organisation.
MoneyHelper: www.moneyhelper.org.uk
You should consider obtaining free debt advice if you are unsure whether further borrowing or debt consolidation is right for you.
We process your personal information in accordance with our Privacy Policy. Where we introduce you to a lender or another intermediary, that organisation will process your information in accordance with its own privacy information.
Willows Finance Privacy Policy: willowsfinance.co.uk/privacy-cookie-policy/
The way Willows Finance is paid depends on the lender, product and application route. We may receive a fee paid by you, commission paid by a lender or another third party, or a combination of these. We will explain the basis on which we will be remunerated in connection with your application.
Where Willows Finance off an advised service our fees are split into two parts. A fee for the advice you receive and a fee for the processing of the application to completion. Both of these fees can be added to the loan rather than paid upfront or you have the option of paying them in advance. We do not arrange loans below £10,000.
For the advice the fee is as follows;
For a first charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
For a first charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
| Service | First charge | Second charge |
|---|---|---|
| Advice fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
| Processing fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
On borrowing of £10,000 5% would be £500, but the minimum fee for advice and processing means that we would charge £625 for each to £1250 in total.
On borrowing £20,000 the total fees would be £2,000
On borrowing £50,000 the maximum fee means that we would charge a total of £2500 for a 1st charge mortgage and £3500 for a 2nd charge mortgage.
If your mortgage or loan completes following an introduction made by Willows Finance, we will receive commission from the lender or another third party in the distribution chain unless we tell you otherwise. Different lenders may pay different amounts and may use different commission models.
Commission models may include:
The availability or amount of commission does not determine which lender we consider appropriate for your circumstances. Where applicable, we will tell you that commission will be received.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), where the exact amount of commission is not known at the time of the initial disclosure, we will tell you that the actual amount will be disclosed later in the ESIS. Where applicable and on request, we will also provide information about how commission levels vary between lenders offering the mortgage being considered.
Where we introduce you to Evolution Money, the commercial arrangement is different from a broker fee charged directly by Willows Finance.
Under the current Evolution arrangement, Evolution Lending charges a Product Fee equal to 10% of the net loan advance, subject to a maximum of £5,000. If the mortgage completes, Evolution pays the corresponding amount to Willows Finance as commission/remuneration for the sourcing, distribution and introduction service.
The amount of the product fee and the amount of remuneration payable to Willows Finance will be disclosed to you in the relevant mortgage documentation before completion.
Example: on a £10,000 net advance, a 10% Product Fee would be £1,000. The actual Product Fee and the amount of commission payable to Willows Finance will be set out in the relevant Evolution mortgage documentation before completion.
If you choose to add a Product Fee or other fee to your mortgage, interest will be charged on that amount while it remains outstanding, increasing the total amount you repay.
Where a Willows Finance fee is payable only on completion, it will not become payable if the mortgage does not complete. Any fee payable before completion, third-party costs and the circumstances in which a fee is refundable or non-refundable will be explained where applicable.
Fees which have become payable following completion are generally non-refundable unless the relevant contractual terms, applicable law or regulatory redress require otherwise.
Before you become bound by a regulated mortgage, you will receive the relevant mortgage illustration or European Standardised Information Sheet (ESIS) and the lender’s offer documentation as applicable.
These documents contain important information about the proposed mortgage, which may include:
Please read these documents carefully. If anything is unclear or does not reflect your understanding, contact the firm responsible for the advice or recommendation before proceeding.
You may tell us that you no longer wish to proceed with an application before completion. Whether any third-party cost is payable or refundable will depend on its own terms.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), the lender will provide a binding offer with a reflection period of at least seven days. You may normally accept the offer during that reflection period if you decide to proceed.
Once a mortgage has completed, there is generally no right simply to cancel or withdraw from the mortgage. You may have a right to repay the mortgage early in accordance with its terms, and an early repayment charge may apply.
Always check the early repayment section of the ESIS and mortgage offer before completion if early repayment or regular overpayments are important to you.
If you miss or make late payments, the lender may apply charges, and your credit record may be affected. Continued failure to maintain payments may result in enforcement action and ultimately repossession of the property used as security.
If you are experiencing financial difficulty, contact your lender as soon as possible and consider obtaining free independent debt advice.
Consolidating existing debts into a mortgage can reduce monthly payments but may increase the total amount of interest you pay if the borrowing is repaid over a longer period.
Debts which are currently unsecured may become secured against your home. Extending the repayment period may mean that you pay considerably more overall even where the monthly payment is lower.
Interest rates on variable-rate mortgages can increase, which may increase monthly repayments and the total amount repaid.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
If you are dissatisfied with any aspect of the service provided by Willows Finance, please contact us:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Telephone: 01656 766158
Email: [email protected]
We will investigate your complaint in accordance with our complaints procedure. If you remain dissatisfied with our final response, or in other circumstances where you are eligible to do so, you may be able to refer your complaint to the Financial Ombudsman Service.
Financial Ombudsman Service: www.financial-ombudsman.org.uk
Where another regulated intermediary has provided the mortgage advice or recommendation, complaints about that firm’s advice should normally also be raised with that firm. You can still complain to Willows Finance about the service provided by Willows Finance.
The Financial Ombudsman Service can generally consider complaints about regulated or otherwise covered activities, including certain activities that are ancillary to them. It may not be able to consider a complaint that relates solely to an unregulated product or service and has no connection with a regulated or otherwise covered activity. Whether a complaint falls within its jurisdiction will be determined by the Financial Ombudsman Service based on the individual circumstances.
Willows Finance Limited is covered by the Financial Services Compensation Scheme for eligible regulated activities. If an authorised firm is unable to meet an eligible claim, compensation may be available from the FSCS.
For protected home finance mediation, the current compensation limit is 100% of an eligible claim up to £85,000 per eligible claimant, per firm. Eligibility depends on the circumstances of the claim and the applicable FSCS rules.
FSCS protection does not generally apply to a claim arising solely from an unregulated product or service, including any packaging service that falls outside regulated home-finance mediation. Whether a claim is eligible will depend on its individual circumstances and the applicable FSCS rules.
Further information: www.fscs.org.uk
Once we have received sufficient information about your circumstances and requirements, we will carry out the relevant initial assessment and sourcing process and explain which application route applies to you.
Where Willows Finance provides the mortgage advice, we will continue through our advised mortgage process and explain any recommendations made.
Where your application is referred to another regulated intermediary, such as Evolution Money, we will explain that the receiving intermediary will take over the subsequent application and advisory process where applicable.
Please review all mortgage illustrations, ESIS documents, fee and commission disclosures, offer documents and other terms carefully before deciding whether to proceed. If anything is unclear, ask before committing to the mortgage.
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