Mortage declined because... NO LIFT!!!

littlelouna

Hello,

I need help!!! our application for mortgage purpose has been declided due to the fact that the property is located on the top floor of a five storey local authority block which does not contain a lift!!! it has been identified as unacceptable under the guidelines of the bank....what can we do??????????????? I never heard of a refusal because the flat has no lift! in what world are we living in??? please any advices?

tyros_2

Think I heard somewhere that a lift is required if a building has four floors (including the ground level). Sorry, but I don't think there's anything you can do about it.

luckyfool

littlelouna wrote: »

Hello,

I need help!!! our application for mortgage purpose has been declided due to the fact that the property is located on the top floor of a five storey local authority block which does not contain a lift!!! it has been identified as unacceptable under the guidelines of the bank....what can we do??????????????? I never heard of a refusal because the flat has no lift! in what world are we living in??? please any advices?

Depends on the criteria of the lender. Some say if a block of flats has more than say 3 or 4 floors then it must have a lift. No lift, then no mortgage. You need to look into whether you or your broker can find an alternate lender for you.

littlelouna

All right, but then can someone explain me how the other peoples were able to get a mortgage??? I mean it a huge ex council flat block...how did they manage?
any ideas?

Trollfever

littlelouna wrote: »

All right, but then can someone explain me how the other peoples were able to get a mortgage??? I mean it a huge ex council flat block...how did they manage?
any ideas?

Lots of mortgage lenders have left the market in the last couple of years.

luckyfool

Have you been declined by every lender on the market . . . or just by the one you applied to initially? Some lenders would never have lent on this type of property, some would have. Hence how other people got mortgages on them in the past.

unite79

The lift has nought to do with it, lenders do not like buildings over 5 storeys. Try Halifax/BM solutions!