Why Knotweed Removal Has Never Been More Important
The UK housing market is in a tumultuous place at the minute. And with interest rates rising quicker than they have done in almost three decades, there’s an understandable concern as to where things are headed.
Rising interest rates equate to more expensive mortgages, and in the midst of a cost-of-living crisis, mortgage providers are tightening their lending criteria as a response to that reduced affordability and - in their eyes - elevated degree of risk.
How Will Rising Interest Rates Affect Lending Criteria?
In short, it will make them stricter. Over the past couple of months, several notable mortgage providers, including Santander and Yorkshire Building Society, have retracted mortgage deals because of rising interest rates. The current rate of 2.25% is expected to rise to over 5% by next April.
In the property world, anything that presents itself as a risk will now be subject to more scrutiny, and mortgage providers are less likely to be willing to accommodate it within their mortgage deals.
Japanese knotweed and other invasive species were already a notorious risk before the present round of interest hikes, with mortgage providers reluctant to issue deals where knotweed was present. Now, with the increases, it’s even less likely that mortgage providers will make accommodations for its presence.
Getting a Mortgage with Japanese Knotweed
Japanese knotweed removal is the best solution. To mitigate the risk of a mortgage provider refusing you a mortgage on the grounds of knotweed (or another invasive species), the easiest (and best) thing you can do is to have it removed. That way, you show lenders that you’ve taken proactive, direct action and that the plant will no longer be at risk of causing the property structural damage.
Why is Japanese Knotweed Excavation Preferable to Herbicide Treatments?
There are two main approaches to addressing Japanese Knotweed – excavation and herbicide treatments. Whilst excavation is the more expensive of the two options, more and more buyers want Japanese Knotweed removed, enabling them to get the mortgage they want. The reason? Japanese knotweed eradication by excavation is extremely thorough and comprehensive.
Whereas excavation removes the roots and structure of the plant, herbicide treatments can give the opportunity for the plant to grow back again, however, Japanese Knotweed Specialists always offer a guarantee with all our treatment plans. By physically removing the plant in one visit, however, you remove that risk.
Also, a huge benefit of excavation, is that the affected area in your garden will immediately be usable, whereas it can be sectioned for some time when a treatment plan is in place.
Suspect There’s Japanese Knotweed? Have a Survey Carried Out
Given that the presence of knotweed on a property can be the difference between being granted a mortgage deal or losing out, it’s clear why it is so important to confirm if there is a problem as soon as possible. The easiest way to do that is to have a Japanese knotweed survey carried out.
The team here at Japanese Knotweed Specialists, for instance, will come to your property and identify the presence of knotweed or any other invasive species, as well as create a detailed management plan. The nature of this plan will depend on the RICS category of risk into which your property falls, either A (Action), B (Action), C (Manage) or D (report).