No mortgage available

Frassle

I'm looking at house next door to an MOT station. The agent says because of this the property cannot have a mortgage. Can this be true or is he trying to hide the real reason?

Wh05apk

I think he is being re-assuringly honest, property location issues are horrendously subjectively, most lenders do not have hard and fast rules, but on something like this are guided by the surveyor.

I suspect as they are saying it is un-mortgageable they have probably had issues previously, so you would probably do best looking elsewhere.

Dave_Ham

I do agree with above, a refreshingly honest approach from an EA although I am always sceptical that they have more selfish motives.

If you are not prepared to risk a valuation fee (between £250 and £700 depending upon property value and lender) then walk away.

There will be some lenders that will accept this subject to valuer comments, which therefore puts your valuation fee at risk if they decline as suitable security...

handytips

Blemain will do this. employ the services of a broker and at least you will know the truth.

suffeing

do not go near Blemain just read the forums on them you will have more trouble than you can handle its usually brokers who like them because of the high fees and commission a terrible company

Dave_Ham

I agree, Blemain are more expensive than a highstreet lender although typically they are servicing different needs.

In this instance an MOT Station next door.

I personally hardly ever recommend Blemain, unless for specific circumstances however for information they do not really pay a particularly higher fee to broker from memory...

Jimbo1976

Dave H is right Blemain should never be first choice but they do tend to lend when other lenders don't. You may find that because the property is discounted as a result of the difficulty in getting a mortgage on it, that even with a Blemain mortgage the monthly payments are lower than those of a similar property in a nicer area with a mainstream lender.

But don't forget that when you sell it, your buyer would have the same issues (unless the MOT station has now gone)