Lenders not lending on six floor ex council flat in London
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Maxwell007
Posts: 312 Forumite
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
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
0
Comments
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Try Aldermore0
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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).0 -
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 advice0 -
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.0
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