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Mortgage on converted property
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FTB1234_2
Posts: 11 Forumite
Hello
Have seen a flat we love, but it is a conversion (within an old fire station). The vendor was unsure about when the conversion was done - he thinks it was post-2000, but more than 5 years ago - but obviously wasn't sure. We'll obviously check with agent/his partner, but I wanted to ask - what are the rules re: (possibly) recently converted properties and mortgages - is it a 75% LTV limit? And how 'recent' in terms of years does the conversion need to have been, in order for the flat to be considered a 'new build/conversion'?
Thank you v much in advance!
Have seen a flat we love, but it is a conversion (within an old fire station). The vendor was unsure about when the conversion was done - he thinks it was post-2000, but more than 5 years ago - but obviously wasn't sure. We'll obviously check with agent/his partner, but I wanted to ask - what are the rules re: (possibly) recently converted properties and mortgages - is it a 75% LTV limit? And how 'recent' in terms of years does the conversion need to have been, in order for the flat to be considered a 'new build/conversion'?
Thank you v much in advance!
0
Comments
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It would only be classed as a newbuild conversion if you were to be the first to live in it following its conversion. You should be able to borrow upto 90% subject to status and valuation.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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