non-traditional build

yogi3

Is it possilble to get a buy to let morgage (or a lower percentage) on a non traditional built flat?
Flat is steel frame and concrete, suituated in scotland. Anyone know much about these? thanks.

example :http://www.rightmove.co.uk/viewdetails-4556011.rsp?pa_n=2&tr_t=buy

AndrewSmith

Very very difficult if not impossible (subject to knowing the exact construction) hence on the property particulars it states cash buyers only.

yogi3

you maybe right but how can the council get mortgages to sell them to the tenants?

found this quote from barclays:
"Ex Local Authority flats/maisonettes
We'll consider ex-local authority properties (including flats and maisonettes in blocks of less than seven storeys) on a case-by-case basis. As long as the Surveyor, who inspects the property, is able to recommend the property as suitable security for mortgage purposes."

I shall keep snifing,cheers.

UK007BullDog

Exactly, so you should talk to a broker who will then call up the most likely lenders who might consider it as a proposition. Some of the adverse lenders might look at it but then you have to pay much higher interest rates than a regular BTL, and BTL rates are slightly higher than residential rates anyway. The higher rates will eat into your rental margins, anything under 4 - 5% is a waste of time if mortgaged.

Also is it a good proposition as a BTL? Will people want to live there to rent it? Dont believe the hype EA's tell you, they are just after a sale.

Also check out concrete cancer issues in your area, call the council and look at the area yourself if it is a good place to get people to rent.

Also if you have problems now buying it, when you want to sell you might have big problems too. It will not be a quick sale.