5 things you need to know about finding a mortgage on a property near a petrol station. Find out which lenders will give you a mortgage. (3 Minute Read)
If you are thinking about buying a property which is located near a petrol station then you should be aware that this can impact your chances of getting a mortgage. So here’s 5 things that you should know before buying:
1- Will your enjoyment of the property be reduced? Will noise, smell and light pollution be a problem for you? If it is a 24 hour station remember then you may be disturbed by noise through the night. Car doors closing, car wash machines bleeping, tankers making night time deliveries etc.
2- Getting a mortgage will be more difficult because most lenders will not accept property that is close to a petrol station. This is because they are concerned about future resale value. You should also be concerned about this, if the property is hard to mortgage then it may be hard to sell on in the future. Your mortgage broker will be able to help you find the right mortgage. Simply complete the form below to receive instant advice. Using a good mortgage broker will help you to establish how much of an issue the location of your property really is.
3- Check out your home insurance options. Some insurers may decline to cover you due to the increased fire risk. Your mortgage broker will be able to help with this.
4- What about the risk of contamination in the event of a leakage? Are you concerned about this?
5- Don’t forget that there may also be some benefits. It may be handy to live close by to a retailer if you want to buy supplies out of hours or if you don’t have access to transport. It’s not all bad news!
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