Help with finding a mortgage on a house with an occupancy clause.

bez.59

kingstreet wrote: »

Just following through ACG's advice, it may be worth looking at other locally-based building societies.

Nottingham and Mansfield are based in Nottinghamshire. Hanley Economic and Leek United in Staffordshire. West Brom, Dudley and Tipton & Coseley in West Midlands.

These lenders may consider a S106 property in the county neighbouring theirs.

Is your adviser offering independent mortgage advice? Whole market? Limited panel? We need to know what basis they are working on to be able to say who they've considered.

We have tried the Derbyshire building society and they don't do mortgages on then even tho it is a Derbyshire occupancy clause which I find ridiculous.

bez.59

Dave_Ham wrote: »

Useful info from kings, no way Natwest will offer more than Halifax so would check this..

Cannot do anything about rates though, as not great

Good luck

The Halifax say they will give us a mortgage on a house with the clause but not as much as a house that hasent got one.

The one from natwest is for a house that doesn't have a clause and we have all our bank accounts with them.

kingstreet

ACG mentioned Derbyshire. I merely continued his train of thought by suggesting other local building societies you might try.

TBH if you asked me about a S106 I'd say Halifax, so you already have that option and I'm trying to suggest one or two more...

Smb100

I appreciate your posts are nearly a year old but would be interested to know if you were able to secure a mortgage? I am a home owner in a property in the Hope Valley with the clause and my mortgage is with royal bank of Scotland. I am trying to sell my house with no success at all. The reason - the clause is too restrictive and anyone interested is unable to get a mortgage. An outdated piece of legislation that no longer serves its purpose. I would be interested in finding out if any other home owner trying to sell, who has the clause on their property is experiencing problems too.

bez.59

Smb100 wrote: »

I appreciate your posts are nearly a year old but would be interested to know if you were able to secure a mortgage? I am a home owner in a property in the Hope Valley with the clause and my mortgage is with royal bank of Scotland. I am trying to sell my house with no success at all. The reason - the clause is too restrictive and anyone interested is unable to get a mortgage. An outdated piece of legislation that no longer serves its purpose. I would be interested in finding out if any other home owner trying to sell, who has the clause on their property is experiencing problems too.

In the end the only place we found that would give us a mortgage on a house with the clause was the Halifax but they wouldn't lend us as much as they would for a house without the clause and at a higher rate.

So we have decided to buy a house without the clause which is cheaper than one with the clause even tho it is bigger and doesn't need anything doing to it. It's all about location.

The fact we had so much trouble finding a mortgage for a house with the clause put us off as we would have trouble selling it in the future as you are.

Something needs to change with this clause as it makes it too hard to buy/sell houses with it.

Hope you find a buyer.