Winter maintenance tips for homeowners & why they matter to your mortgage.

As the days get shorter and temperatures drop, winter presents a unique set of challenges for homeowners. While cosying up inside may be top of your priorities, ensuring your home is properly maintained during this time is crucial not only for comfort but also for protecting your investment. From preventing costly repairs to safeguarding your mortgage, proactive winter maintenance can make a significant difference.

Here’s a guide to essential winter property maintenance tips and why they matter to your mortgage.

1. Inspect your roof and gutters

Tip: Ensure your roof is free from debris, moss, and any potential leaks. Clear your gutters of leaves and twigs to prevent blockages and potential flooding.
Why it matters: A damaged roof or clogged gutters can lead to water damage, structural issues, and higher repair costs. If your property suffers significant damage, it could impact the value of your home, which may influence your mortgage lender’s view of your property. This could potentially affect your home’s equity or, in extreme cases, lead to a reduction in your mortgage offer when refinancing.

2. Check heating and insulation

Tip: Before the winter chill fully sets in, service your heating system and ensure it’s working efficiently. Consider upgrading insulation in your attic, walls, and floors to improve energy efficiency and retain heat.
Why it matters: A malfunctioning heating system can be costly to repair, and poor insulation leads to higher energy bills. A home with efficient heating and insulation is more likely to retain its value, making it an appealing asset for your mortgage lender.  Energy- efficient homes are attractive to some lenders who offer a better interest rates or cashback with their ‘green mortgages’ products.

Additionally, regular maintenance can prevent emergency repairs, which could financially strain your ability to meet mortgage payments.

3. Seal windows and doors

Tip: Inspect and replace any worn weatherstripping around doors and windows to reduce drafts and heat loss. You can also use thermal curtains or blinds to keep warmth in.
Why it matters: Homes that are not properly sealed can experience heat loss, which not only affects comfort but also increases utility bills. If you’re considering a remortgage or property valuation, a well-maintained, energy-efficient home could result in a better valuation, potentially leading to more favourable mortgage terms.

4. Protect plumbing and pipes

Tip: Freezing pipes are a significant risk in winter. Insulate any exposed pipes in your attic, basement, or outside. If you plan to be away, keep the heating on low to avoid freezing.
Why it matters: Burst pipes can cause extensive water damage, which might reduce the value of your home and affect your mortgage agreement. If water damage is severe, it could require costly repairs that could impact your finances and your ability to keep up with mortgage payments. If you plan to refinance or sell, a property with a history of significant damage may be less appealing to buyers or lenders.  This would also have an impact on home insurance premium costs.

5. Examine your exterior walls and foundations

Tip: Check the exterior of your home for cracks, gaps, or any signs of structural damage. In winter, frost can exacerbate small problems, leading to more severe damage. Seal cracks where necessary.
Why it matters: Structural issues can significantly affect the market value of your home and may be flagged by a surveyor if you're applying for a mortgage or remortgage. Lenders typically require properties to be in good condition, and any significant defects could result in a reduced loan offer or even difficulty in securing approval.

6. Ensure your smoke alarms are working

Tip: Test your smoke and carbon monoxide detectors and replace any old batteries to ensure they are functioning properly.
Why it matters: Safety is a top priority for mortgage lenders. A home that is up to standard in terms of safety and fire regulation is more likely to receive approval during the application process. Failing to ensure your home meets safety standards could impact your eligibility for certain types of mortgages.

7. Maintain your garden and driveway

Tip: Clear leaves, branches, and any debris from your garden and driveway regularly. Ensure there are no ice patches in areas where you frequently walk.
Why it matters: While it may not seem critical to your mortgage, an untidy or poorly maintained exterior can impact the curb appeal of your property. If you're planning to sell or remortgage, first impressions count. A well-maintained exterior could increase your property’s value and improve your chances of securing a mortgage or a favourable remortgage rate.

8. Prepare for snow and ice

Tip: Invest in salt, sand, or a de-icer for your driveway and paths. Regularly remove snow to prevent accidents and ice damage.
Why it matters: If ice or snow causes damage to your home or driveway, it could lead to costly repairs. Additionally, accidents on your property could lead to insurance claims or liability issues, which might affect the valuation of your home and, ultimately, your mortgage.

9. Check your home insurance policy

Tip: Review your home insurance policy before winter to ensure it covers the cost of any winter-related damages, such as pipe bursts or roof damage.
Why it matters: A well-maintained home helps protect both your property and your mortgage. If your insurance doesn’t cover winter-related damage or isn’t adequate, it could result in significant financial strain if repairs are needed. This could also affect your ability to keep up with your mortgage payments in the event of an emergency.

Conclusion

Winter maintenance is essential for the comfort and protection of your home, but it also plays a critical role in maintaining the health of your mortgage. Keeping your home in good repair prevents costly damage, helps to protect its value, and reduces the risk of mortgage-related issues. If you are in the process of applying for a mortgage, remortgaging, or considering the sale of your home, taking care of these winter tasks can lead to better terms, a higher valuation, and a smoother mortgage experience.

Remember, maintaining your home isn’t just about ensuring its comfort and longevity – it’s about securing your financial future. So, embrace these winter maintenance tips, and give your property the attention it deserves during the colder months.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.