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please help mortgages on ex loc auth flats
moving_2
Posts: 62 Forumite
:mad: we seems to be having trouble selling our flat, mainly cos people our buyers go to dont mortgage on ex local authority flats, its a maisonetee ie 2 stories high, any one know of mortgage companys that will lend on this ??:mad:
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Comments
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Easiest way would be to ask your neighbours who their lenders are.
Post on the mortgage board, but I would have thought that a maisonette wouldn't be a problem, it is generally high rise blocks that lenders avoid.Some lenders may have concerns if the ratio of privately owned to LA owned is low.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
most neighbours council.....0
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Many lenders will lend on ex local flats?
HOWEVER
Is the property brick built or concrete construction
How many in the black have been sold off?
Personally, Id give a quick call to a fees free broker ( or does your estate agent have a broker they use) and ask them
The sort of lenders Ive worked with on these sort of properties are (not exhaustive) barclays, HSBC, C&G, Northern rock:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
does sound strange. I live in 60s built ex LA flat (3 stories high) and we had no trouble picking from lenders. we went with RBS although it was 6yrs ago.... I havent heard of problems getting mortgages on these houses. Did the buyers tell you this? If so itd be worth asking somebody with more nouse like a broker or even at a stretch EA.0
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It depends on location, construction type, terms of the lease etc.
Many will lend on ex-LA flats, some impose restrictions on the loan to value however it is varied .0 -
i have purchased under the RTB scheme. i live on the top (11th floor) of a brick built block and have signed a mortgage with the Nationwide. I also got positive answers from the Halifax, HSBC and the Abbey - basically all the lenders I tried. The only other two I tried were C&G and Britannia - and both would not lend due to the floor I was on.
FYI - 18 flats out of the 60 in my block have been purchased. and it is Clerkenwell, Central London.0 -
thanks folks.....our buyer went to our estate agents mortgage broker, had survey done all ok, then found out wouldnt lend on ex council flat....also got another buyer interested, and they in same boat....cant beleive its all so stessful.0
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as mentioned above - give you buyers the names of all the lenders currently on the block/estate/road.
where is your property out of interest? is it in a difficult area?0 -
I live in a three storey ex-local block of 6 flats. I used Scottish Widows, who are very good for graduate mortgages, I might add.
HTH.Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Should you be following the guidelines of the board if your an IFA? (signature, not touting for business etc)...0
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