postcode restriction?

ziof3ster

Hi Mortgage brokers,

found couple of properties in West London at very good price. With some investigations, seems they have been on the market for quite a while and recently available for "cash buyers only".

The flats are on low rises ex council, no balcony entrance, so suitable for many lenders. It seems, according with agents, the mortgages are turned down by the underwrites because of the postcode.

Now...anyone knows how the postcode affects this? Unfortunately the lenders mortage broker dont give these info when asked for "lending criteria".

Also, as I'm sure (but I can be wrong) that there are some lenders happy to help, how I can find them? (found with globrix, mouseprice etc that properties have been definetely sold on the same blocks in the last few years).

Thanks
Zio

Thrugelmir

ziof3ster wrote: »

Also, as I'm sure (but I can be wrong) that there are some lenders happy to help, how I can find them? (found with globrix, mouseprice etc that properties have been definetely sold on the same blocks in the last few years).

Lenders like to spread their risk. So will place restrictions on amount of property that they will lend on, in a given post code or even block (in the case of flats).

GMS

There was a postcode in London which was a no go a while back. SE28.

Every postcode will become an issue for a lender if they are over exposed in the area. Others are a no go for other reasons.

ziof3ster

Perfectly understandeable...but there is a way for me to know this in advance? a website or a service that I can use paying?

The flats in object are in a massive estate in west london. I'm interested in couple of properties, in the same estate but different blocks.
Will be very usefull have this info before apply for any mortgage.
Also, according with one agent, he had many offer (price of course very compatitive) but all turned down.

Is something connected with the police.co.uk website?

Really will love save few hundred quids before apply if is possible

GMS

You have found that the ones you have found are not suitable for mortgage purposes thorugh the agents I presume?

If a lender is over exposed it is something which will only be found out when a case is submitted, If that happens then you should get a full refund of fees paid as not your fault. Similarly if it is a postcode they wont lend on for other reasons. No estate agent would know up front.

I don't know of any external website to check on a lenders internal risk system.

Any property would be declined by the lender should avaluer give it a poor report. Unfortunately nothing is guaranteed with any application.

ziof3ster

Thanks GMS
my understand is that the properties had already few offers but all turned down (it seems to me is more a situation like a flat over a takeaway, or a hight rise building...a no no attached to this postcode)
But could be that the offers came from FTB and the lenders were more picky...will be good find out the lenders used for the properties sold in the last few years...is the land registry the right source for this?

Thanks
zio

GMS

Historical lending may not have any bearing on today. Criteris has changed and lenders come and gone.

Check nethouseprices and rightmove for sold comparables recently. Then pay for a land reg search to see if it helps satisfy your curiosity.

However every application is different so don't take it as gospel

ziof3ster

Thanks!!!

Very helpfull and clear as usual!!

Cheers
Zio

Ellie83

(deleted question) Oops, wrong thread

Dave_Ham

Share the post code on here and I will check what the issues are.

Typically the Estate Agents will know if mortgages are available, although it may be subject to Valuers comments.

I have achieved a few mortgages recently for previous no go areas in East London, but the valuation fee was at risk on each occasion.

Good luck