Any mortgage companies that will do a mortgage on a property with a local covanent?

chrish12345

Hi all

I have had an offer on a property accepted and am trying to sort a mortgage. The only issue is that the property has a local covenant on the house where to buy the house you have to live locally 9in the county) for 3 years...

This is fine as we both have but were struggling to find a mortgage company that will take us on because of the covenant!

Anyone in a similar situation or know of a mortgage company that will deal with us?


Thanks

kingstreet

It may be worth trying a building society local to the area. For example, if it's in the West Midlands, you might like to try Dudley, Tipton and Coseley or West Bromwich.

Ipswich or Cambridge for Eastern England etc.

chrish12345

Yeah ill try that thanks, I have tried several building societies across the UK but no luck so far.. i live in Pembrokeshire and I dont think there is any local.. perhaps swansea being the nearest

kingstreet

chrish12345 wrote: »

Yeah ill try that thanks, I have tried several building societies across the UK but no luck so far.. i live in Pembrokeshire and I dont think there is any local.. perhaps swansea being the nearest

Principality BS http://www.principality.co.uk/en/Mortgages.aspx

Swansea BS http://www.swansea-bs.co.uk/aspx/default.aspx

Monmouthshire BS http://www.monbs.com/mortgages/

chrish12345

Ill try and speak to those today..

Any others that people know will look at houses with local covanents from experience?

MELONY

Hi

I am also trying to obtain a mortgage for ex authority council house. My own bank offered me the mortgage and I paid the survey etc but have now been told by solicitor that there is a covenant relating to living and working in the area for 3 years, which I have done but my bank has declined.

I have now gone to a broker to see if they are able to help and I will let you know outcome. Would appreciate and feedback you have also

CLAPTON

maybe ask a local estate agent as one would assume there this house is not the only one with this covenant

chrish12345

MELONY wrote: »

Hi

I am also trying to obtain a mortgage for ex authority council house. My own bank offered me the mortgage and I paid the survey etc but have now been told by solicitor that there is a covenant relating to living and working in the area for 3 years, which I have done but my bank has declined.

I have now gone to a broker to see if they are able to help and I will let you know outcome. Would appreciate and feedback you have also

Hello

The only ones we have found are nationwide (best deal), principality, and halifax

Nationwide is about £40 a month more expensive than the cheapest on the market.. hope that helps you?