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mortgage approval on leasehold property
losgiganteskid
Posts: 965 Forumite
Anyone know what criteria is used to determine whether a mortgage provider will offer a mortgage on a leasehold property with 70 years to run on the lease - in other words is there a industry standard.
looking around it seems to be ok for an offer of funds to be granted where the lease has 30yrs or more to run AFTER the expiry on the mortgage term. In other words term of mortgage 25yrs would be ok for lease to have 55yrs remaining ? - any thoughts
looking around it seems to be ok for an offer of funds to be granted where the lease has 30yrs or more to run AFTER the expiry on the mortgage term. In other words term of mortgage 25yrs would be ok for lease to have 55yrs remaining ? - any thoughts
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Comments
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Lender preference. Their money - their rules.
Most are listed on the CML website so you can ensure you don't take your 54 year lease to a lender who'll only do a minimum of 55.
http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321I 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 -
Top answer King Street - although when you say "Their money - their rules" - isn't it our money being lent ie savers money not theirs !!!0
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Kinda - but you knew what I meant.
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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