Are you considering getting a mortgage with Japanese knotweed on your property? If you are, you may want to reconsider. While a mortgage is common, it can be devastating if Japanese Knotweed infests your property.
Many borrowers needing a mortgage, find out that having Japanese knotweed in their garden is preventing them from getting a mortgage, or that they’ve tried to get a mortgage but have been rejected.
Japanese knotweed can impact your chances of a mortgage
Japanese Knotweed on your property can grow up to six metres in height and has a life expectancy of two to four years. The plant attacks softwoods, conifers, young branches, and root systems, weakening them to the point where they can’t withstand strong winds.
Once a tree is affected by this plant, it dies. If you’re located in a location with high winds, you could experience invasions of this invasive garden plant before you even have an established garden plant.
So how do you protect yourself from being infested by Japanese Knotweed?
First, don’t ever grow it yourself. This is illegal in lots of countries. There are several companies that specialise in invasive species prevention.
If you cannot afford this kind of protection or you don’t want to go through the stress of hiring a professional, then you should consider getting a loan from one of the many mortgage lenders.
The majority of these mortgage lenders will only lend to people who are experienced and are in possession of valid contracts with evidence of their current income and financial status.
Even if you have a mortgage contract, it’s not a guarantee that you’ll be accepted for approval; this applies to all lender categories, not just to mortgage lenders.
It’s important to be aware that the Japanese knotweed on your property is capable of causing serious damage to your property. If infested, this invasive plant will kill up to 25% of the tree’s root system, making removal difficult and expensive.
If left uncontrolled, it will destroy other areas of the root system including the bark, eventually reducing it to nothing.
If you don’t want to have to deal with dead trees, dead plants or infested soil on your property, it’s important to find a reliable, qualified, experienced mortgage lender who can authorise you for expert eradication services.
You must also keep in mind that you must stay within the boundaries of your property. This means you cannot plant anything outside. This includes fences, walls and shrubbery, which are all considered invasive by many mortgage lenders.
The exception to this is if you are looking for larger shrubbery, such as cherry bonsai, which are generally allowed outside.
Categorising the Infestation
Mortgage lenders may allow you to apply for assistance in one of three categories. The first is category one; if you are only experiencing minor infestations, there is no need to worry about eradication.
The second is category two; infestations, where Japanese knotweed on your property has reached a severe stage, are often best dealt with using specialist eradication services.
And thirdly, category three; is infestations which could spread, causing serious problems to neighbour properties and land.
The good news is that you do not necessarily need to be on the lookout for the Japanese knotweed plant in order to be eligible for help with your mortgage. If you have an existing boundary wall or fence, it is a valid point for claiming insurance.
However, bearing in mind that eradication is the cheapest and most straightforward way to deal with any invasive plant, you should also bear in mind that even fences can become a problem over time.
It is worth checking with your lending institutions, as many offer reasonable cover packages for fence repairs and repainting.
You will find that many offer a guarantee up to a certain level, which means that if the weed does manage to grow through to the end of the policy term, they will back the cost of the premium, up to a certain level.
Can You Get A Mortgage If There Is Japanese Knotweed On Your Property?
If you do end up with an infestation, you will need to take action before your property is no longer viable. One approach is to clear away any excess soil, which is indicative of Japanese knotweed and acts as a perfect host plant for further invasions.
Another strategy is to make sure that your drains and foundations are clear of the invasive plant.
Finally, it is worth remembering that planting a border will not necessarily clear up your insurance premiums – it may be necessary to make further arrangements to address this weed and eradicate it more aggressively.
Want to know more about how to remove Japanese Knotweed on your property?
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