Levitt Cartwright

Mr_P_5

Hi

i have been looking to buy a house for a while now! along with my fiance we have had ups and downs looking for a property.. and having offers accepted! well we finally got an offer accepted on a 2bed semi detached house in leeds. we had a mortgage in principal with Northern rock and it looked like things were going fine! then we were told that Northern rock wouldn't lend against the house because its a Levitt Cartwright construction!

we have now been told by our broker that our only choice is with the Halifax! real kick in the teeth!!! with them.. were forced to put a 3% deposit! (not end of the world!) but they charge great fees! .. £399 arrangement fee and nearly £1500 HLC! what a pain! wish there was another way of getting around it but doesn't look like there is! i don't understand why mortgage lenders wont lend against it if your getting your survey/valuation done!

dunstonh

Your property is the security on the loan. If the lender feels the construction method makes the lending prospect riskier, then they can decide to refuse to lend or alter the terms of the mortgage to deal with that risk.

Remember, you are probably getting this property cheaper than a standard build property in the same location because of this. Also, you will have the same issues in the future when you move on with prospective buyers having the problem you have.

Mr_P_5

that is what i am thinking! if it is hard to get a mortgage now the situation isn't likely to change! there is so much with this type of property that makes it "different" that i don't think they are worth the risk.. its hard now we have the offer accepted as its the furthest we have got.. however if it is not the right one we won't/ shouldn't go for it!!! :-/