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Section 106 Affordable Housing- who will lend?
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I am a Financial Adviser specialising in mortgages for new build properties (including section 106) working in Cornwall. If you are still having trouble please call me on 01840 212545 and we can discuss this further.
Whether you ring me or not I would always suggest that anyone buying under a S106 goes through a broker experienced in new builds and S106 properties (especially in Cornwall where the S106 agreements tend to be even more restrictive than 'up country') because the broker has access to people in the lender's underwriting teams who they can get to look at the S106 agreement early on (and business development managers working for the lenders who can trouble-shoot if they try to go back on their word later in the process).
It is surprising that some S106 agreements are so restrictive that lenders won't actually offer mortgages on them, and in these scenarios the only thing to be done is to go back to the LA/Council and get them amended which is a long and frustrating process. So its always best to get the agreement looked at upfront, and doing this via a broker is far safer and easier. Again, please always use a broker who has experience with this area because those that haven't may not fully understand the importance of doing all this before you offer on a property and pay fees.0 -
currently trying to buy a section 106 house at the moment(north wales), paid the fees got a survyor out came back okay i was told, sorted solicitor to get the ball going, checked to see how thing were going today and got a email saying that principality and revoked the offer because of the section 106, yet they were fully informed of this at the start,
how are first time buyers trying to get on the property ladder to buy a affordable house suppose to get on if banks wont lend :@ frustrating0 -
We provide a copy of the S106 to the lender and get it agreed at a senior level for the whole development before we look at submitting individual cases.
I can't speak for other brokers.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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