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Matt1982

Kingstreet yes I appreciate criteria is tighter these days.

For those it may help in the future (though not me due to other issues) Abbey will potentially consider this type of property.

Thrugelmir

Matt1982 wrote: »

Surely if only one lender will lend the property is mortgageable? I know then a knock on effect of the actual valuation but doesn't mean its worth nothing.

And if they change their criteria?

Matt1982

Thrugelmir wrote: »

And if they change their criteria?

And what if other lenders change their criteria into lending on it?

How long is a piece of string?

Thrugelmir

Matt1982 wrote: »

And what if other lenders change their criteria into lending on it?

How long is a piece of string?

If you were lending money (i.e. an underwriter) would you take the safe option or gamble ?

I would always take the same choice. There's always another better customer.

Matt1982

This post was started by my wife on her friends behalf.

Her friend had come to us after she hit this problem as I work in the mortgage industry. Whilst I was doing my own research my wife thought she would find out what the good people on here thought as my time was limited to help.

From my brief research today I have between my normal work spoke with 3 well known high street lenders. 1 said not the type of property for them. 2 have said would consider property and shouldn't be an issue for them to lend.

Matt1982

The surveyor has now confirmed property is mortgageable and provided a valuation figure. Happy days.

kingstreet

That's a good result, Matt.

Nice to know there are lenders lending on non-standard construction.

Did you get any further guidance, such as maximum LTV? It's bound to come up again in the future.

Matt1982

Abbey and Halifax both said they will consideration. Didn't indicate any restriction on LTV though I didn't ask to much on LTV has it wasn't essential to my needs at the times. Sorry.