Why Should You Complete A Lendability Check?

Why Should You Complete A Lendability Check?

Many people still think that whether or not they can get a mortgage is based solely on their financial circumstances. Though this is certainly an important factor, it’s not the only one involved. In some cases, lenders will have some issue with an entry within the property’s Title Deeds which breaches their individual criteria upon which they decide whether or not to lend on a particular property. This can include things such as mineral rights, restrictive covenants, how many years are left on the leasehold, and so on.

The PropScore Lendability Check looks at the criteria of the top 7 lenders (Barclays, Halifax, Lloyds TSB, NatWest, Nationwide, RBS and Santander), via the ‘UK Finance Mortgage Lenders’ Handbook’. This Handbook is used by conveyancers to determine what requirements each of these lenders has set out in their own lending criteria . PropScore then cross-checks the property’s HM Land Registry Title Deed against the information in the Handbook to flag whether there are likely to be any Lendability issues. As the criteria for each lender can differ, the check basically gives you a good idea about which lender you should go with when taking out a mortgage to buy.

In many cases, any issues that a lender might have against a property can be mitigated by taking out a suitable insurance policy, which will cover yourself and the lender in the event that the flagged issue becomes a problem once you’re in the property. Nonetheless, knowing in advance what lenders’ attitudes are likely to be to the property you’ve set your heart on will save you any disappointment further down the road.

Though it isn’t guaranteed that the results of the Lendability Check will 100% determine whether or not a lender will or will not lend, it certainly gives you a good idea. Forewarned is always forearmed.

It takes less than a minute for PropScore to run a Lendability Check on any property in the UK, and costs just £25.00 - much cheaper than having a conveyancer do it! A PropScore Lendability Check is also included within the full PropScore Home Report, which also covers all the Title Deed information checks, valuation checks, flood checks, boundary information checks and more With this, you have a full arsenal of information on every aspect of the property you’re looking to buy, or any property at all, really.

Why not check your property now!