Getting a mortgage is a serious business. As a result, our articles tend to reflect that. From ‘What the Autumn budget means for mortgages?’ to ‘Will Renters’ Reform push up buy-to-let mortgage prices?, they all tend to have one thing in common – a moderately serious tone.
And whilst our team of Guildford mortgage brokers are serious about mortgages, we’re also human, and sometimes we like to focus on things that are a bit light-hearted, too.
So, in a bid to come at mortgages from a different angle – and, as it’s almost Christmas – we asked our team of Guildford mortgage advisers to find one interesting fact about mortgages and property that most people don’t know.
Here’s what they came up with.
1. Stamp Duty used to actually be stamped … using wax
Stamp Duty is a hot topic right now, particularly as it’s in the firing line at this month’s Autumn Budget. However, in 1694, when it was first introduced, it was a hot topic for very different reasons – namely because you had to pay for a hot wax seal to illustrate that stamp duty had been paid. Our team of Surrey mortgage brokers think that the Chancellor should have reintroduced this on the 26 November!
2. 125% mortgages were once pretty standard
If you’re of a certain age (possibly over 45-years-old) then this won’t be particularly revelatory. However, for the younger crowd of homeowners and mortgage hunters, a time when you could relatively easily get a 125% mortgage may be viewed as the golden era of UK mortgages. And arguably, it was. However, the financial crash of 2008 soon put paid to that. Whilst 100% mortgages are creeping back, the days of 125% mortgages are unlikely to be seen again.
3. Beware of the flat roof mortgage
That sounds scarier than it perhaps is. And as a flat roof mortgage specialist, we’re certainly not scared. However, homes that have more than 50% flat roof can be rejected by lenders on the grounds that they’re more susceptible to leaks and damage, and are therefore a riskier proposition. Whilst applying for a flat roof mortgage isn’t overly difficult, it’s worth knowing this just in case the next property you fall in love with has a large flat roof area.
4. Avoid Japanese knotweed like the plague
There aren’t many plants that make lenders decide to nip a mortgage application in the bud, but Japanese knotweed is one of them. The cost of eradicating Japanese Knotweed can amount to tens of thousands of pounds, so it’s no wonder that lenders get nervous. And until recently, they wouldn’t consider mortgages on houses where it grew within seven metres. It’s also worth considering that studies show how the presence of Japanese knotweed can knock 10% off a property’s value.
5. A quick fix
We talk about the best 2 year fixed mortgage deals or the top 5 year fixed mortgage deals all the time. All mortgage brokers do. Not only that, but so does the general public. However, the reality is that the UK is one of only a handful of countries to fix for such short periods. Whereas we think of a 10 year fixed mortgage deal as long, most of Europe opts for 20 year mortgage deals.
6. No paper trail
We thought we’d save the best until last. And although this may well be more urban legend than fact, the story goes that the UK mortgage industry ground to a halt in the 1970s, delaying thousands of home sales, when The Land Registry ran out of paper and couldn’t officially record property ownership. A perfect storm of strikes, supply chain issues and inflation evidently resulted in a shortage of the specific paper required for official documents. Can you imagine how that would go down in 2025? No, neither can we.
Thinking about applying for a mortgage before Christmas? Contact our team of Surrey mortgage advisers on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.
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