Together’s new research has shown that more than 1.5m UK homes could be considered “unmortgageable”, with many high street lenders locking the door on roughly 6% of the nation’s housing stock simply because these properties often fail to fit rigid, standard lending criteria.

At a time when Andy Burnham and his government are pushing hard to deliver 1.5m new homes, an equal number of existing properties sit sidelined. Homes featuring thatched roofs, solid walls, short leases, high-rise locations, or unworkable kitchens and bathrooms are routinely turned away by automated ‘computer says no’ bank systems.

For property investors relying strictly on standard mortgage products, an “unmortgageable” tag often brings a disappointing end to their search. But where high street banks see unacceptable risk, savvy buyers see their untapped potential.

The main reason experienced investors target non-standard properties comes down to buying at the right price. Recent research from Together revealed that 44% of buyers who purchase or consider these homes view them as significantly better value than standard, turnkey properties. Over a quarter (28%) say the lower purchase price is the primary attraction. When buyers drop out because bank mortgages fail, competition drops, allowing savvy investors to step in and secure great properties at a lower cost.