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    • Andrew Ryan 89
    • By Andrew Ryan 89 11th Jul 17, 11:03 AM
    • 504Posts
    • 284Thanks
    Andrew Ryan 89
    Can anyone recommend a lender?
    • #1
    • 11th Jul 17, 11:03 AM
    Can anyone recommend a lender? 11th Jul 17 at 11:03 AM
    I am at my wits end and probably just going to give up. Mother has a property that was interest only, term came to an end and she needs £40,000 to pay off the mortgage. House is worth well over £300,000. Initial issue was that it had less than 60 years on the lease but after a long hard look, NatWest agreed to re-mortgage the property on a 5 year term. However, when it came to the surveyor, he valued it at £0 saying that only a cash buyer would be interested and mortgage was withdrawn.

    The decision was stupid, especially as you can get a similar amount unsecured. We appealed though the broker but it got declined.

    Any suggestions what other lender we can try?
Page 1
    • ACG
    • By ACG 11th Jul 17, 11:45 AM
    • 15,896 Posts
    • 8,142 Thanks
    ACG
    • #2
    • 11th Jul 17, 11:45 AM
    • #2
    • 11th Jul 17, 11:45 AM
    The lease is below Natwests (and most lenders minimums) and definitely will be at the end of the term.

    You are going to struggle to place this I think, is the value really £300k on a 60 year lease? That would mean the value on a 99 year lease would be significantly more. I am surprised an application was made to natwest in the first place.

    How old is your mum? How much it cost to extend the lease?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • kingstreet
    • By kingstreet 11th Jul 17, 12:11 PM
    • 32,366 Posts
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    kingstreet
    • #3
    • 11th Jul 17, 12:11 PM
    • #3
    • 11th Jul 17, 12:11 PM
    There's a guide to what lenders accept in the CML Handbook. The solicitor can look at this.

    I did one not so long ago with 56 years remaining. IIRC the lender was happy with mortgage term + 30 years.

    We remortgaged and bought the freehold two years later.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • rhysadams
    • By rhysadams 11th Jul 17, 12:56 PM
    • 206 Posts
    • 50 Thanks
    rhysadams
    • #4
    • 11th Jul 17, 12:56 PM
    • #4
    • 11th Jul 17, 12:56 PM
    I'd suggest using a specialist mortgage broker, there are quite a few on the internet. My mum had a very similar issue, she only needed to remortgage for 30k but the lenders weren't interested.
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