Mortgages on high rise flats

HighRise_2

Does anyone know which high-street/ reputable lenders are prepared to mortgage properties in high-rise (e.g. 16 storey) blocks?

I am trying to re-mortgage as my mortgage is very expensive. I have a 6th floor flat in a 16-storey block in Islington, with some equity. My present mortgage is with the Skipton Building Society.

Can anyone help? Anyone else in this position out there?

herbiesjp

There are lenders that could look at this for you - but they will say that the deal will be subject to the valuers comments.

Is the flat in a desireable area?
Would it be easy to sell your property?
Is this an ex-council property?
If so, do you know what percentage of flats in the block are now privately owned?

I think you would be advised to have a word with a good mortgage adviser, as they should be able to find out who could help here.

balsingh

What do lenders have against high rise blocks? Is there a reason why they dont like lending to owners of flats in high rise blocks? Also, what is considered hight rise? Woudl a 4 storey block be considered high rise? What about a 1st floor flat in a 16 floor block?

lynzpower

1) many huigh rise blocks are made with asbestos in ( particularly east london) and lenders wont lend on them

as above poster says, how desirable and resaleable are they, seems to be part of the decision making

lowis

my neighbour managed to get a mortgage with no problem for an 11th floor flat in islington (EC1), they were told that the location overruled any reservations they had about the flat being in a high-rise - as i recall it was either Halifax or HSBC - i am about to ask for myself too!

stanmoresaver

I echo HerbieSJP, it will be down to "valuers comments" and % of private ownership.

A good local broker should have contacts with the local surveyors office and be able to get an idea before spending your money on a survey.

Hope this helps

SS