Lenders not lending on six floor ex council flat in London

Maxwell007
Maxwell007 Posts: 312 Forumite
in Mortgages & endowments
Which lenders will lend on a leasehold ex-council flats above six floors in London !!

I've tryed Natwest my current mortage provider and my brooker has tryed The Mortgage Works,

both have been declined after the valuation report saying there were not enough owner oucponsie and may have issues with resale !!

I have a current mortage of £40k the estimated value of the flat is £180k,

Ps I would like to keep flat and make it a BTL taking out the equity to purchase another property making that my main residents

Any help will be much appreciated.
Send private message if u can't post on the thread.

Thanks

Comments

  • flower77g
    flower77g Posts: 146 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Try Aldermore
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Maxwell007 wrote: »
    Ps I would like to keep flat and make it a BTL taking out the equity to purchase another property making that my main residents

    Presumably with a mortgage. Lenders may not like to release equity for the intended purpose or as a source of deposit. Try a broker to find the right lender(s).
  • YHM
    YHM Posts: 650 Forumite
    Job for a broker this one. Ex council-flat high rise is quite specialist so a good broker will be worth their salt to you.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
  • amnblog
    amnblog Posts: 12,442 Forumite
    First Anniversary Name Dropper Photogenic First Post
    As you have seen, a Lender that can do it, will not necessarily do it.

    Be careful buying a property that may be a problem for someone to purchase from you later.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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