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  • FIRST POST
    • O_O
    • By O_O 7th Oct 17, 9:01 PM
    • 3Posts
    • 2Thanks
    O_O
    Mortgage on high rise building
    • #1
    • 7th Oct 17, 9:01 PM
    Mortgage on high rise building 7th Oct 17 at 9:01 PM
    Hi there, this is one of my first posts but have been reading on here for a while.

    I've been saving up for a deposit for my first flat for the last couple of years and have finally started looking into getting my first place.

    I've been looking into some purpose built flats that are about 10 years old but because they are over 6 storeys a lot of lenders wont provide a mortgage on them which has been really depressing after working so hard to save up.
    Is anyone else in the same boat?

    The only way that I can see so far is to double my deposit which realistically is another year of saving
Page 1
    • ACG
    • By ACG 7th Oct 17, 9:09 PM
    • 15,906 Posts
    • 8,149 Thanks
    ACG
    • #2
    • 7th Oct 17, 9:09 PM
    • #2
    • 7th Oct 17, 9:09 PM
    Have you spoken to a broker?
    They may be able to help.
    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.
    • YHM
    • By YHM 7th Oct 17, 9:12 PM
    • 303 Posts
    • 99 Thanks
    YHM
    • #3
    • 7th Oct 17, 9:12 PM
    • #3
    • 7th Oct 17, 9:12 PM
    Echo the above.

    You need to speak to a Mortgage Broker. They will be able to review the market to find a lender that would fit with your needs.
    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
    • O_O
    • By O_O 7th Oct 17, 9:46 PM
    • 3 Posts
    • 2 Thanks
    O_O
    • #4
    • 7th Oct 17, 9:46 PM
    • #4
    • 7th Oct 17, 9:46 PM
    Hi both, thanks for the advice. Yes I met with a broker this week and they should get back to me in the next few days. I had originally had an AIP with lloyds who offered £103,000 but when I did some digging of my own when I got home I found that their policy isn't to lend on anything over 8 stories I believe. I suppose a broker would be able to narrow it down to likely lenders but I imagine they typically wouldn't offer as much on this type of property?
    • YHM
    • By YHM 7th Oct 17, 9:55 PM
    • 303 Posts
    • 99 Thanks
    YHM
    • #5
    • 7th Oct 17, 9:55 PM
    • #5
    • 7th Oct 17, 9:55 PM
    Absolutely. Plenty of lenders that would help with this.
    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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