mortgage on flat above a shop

melysion

Quick question - how difficult is it please to find a lender happy to give a mortgage on a flat above a shop and which ones are most likely to say yes.

Thanks in advance for your help

hazyjo

Very unlikely. Speak with a mortgage broker - can depend on area, shop use, deposit, etc.

If a popular location in London, you might find it easier.

Jx

melysion

How depressing. Oh well - will look elsewhere

lowlitmemory

We are buying a flat above a shop and Lloyds are giving us a mortgage no problem - BUT on the other hand this is a London location and the flat is above a newsagent (they weren't willing to lend if over a restaurant or somewhere with "unsociable use" whatever that means!).

Kynthia

Some don't lend to properties over commercial premises and some do. Each has their own criteria such as some don't lend to flats more than 3 stories high. Some will lend depending on the nature of the shop. Talk to your independent mortgage broker as they should know. Also I think Halifax might do this.

melysion

The property is above an estate agents if that is of any help Its in North London

hazyjo

Providing it doesn't have A3 use lurking somewhere, and providing there's nothing too complicated with it (flying freeholds and the like), you probably stand a better chance as it's in London.

Talk to an independent mortgage broker (not one attached to an EA, etc).

Jx

hedgehogpenguin

I never had any trouble mortgaging and remortgaging my flat above a shop in south east london. It's above an EA too. There's a few lenders that won't touch it , but Woolwich definitely do (good rates) as do Santander (not so good).