Mortgages on high rise apartments

geordie_ben

Does anyone know if lenders are currently giving out mortgages on high rise apartments?

We're looking to sell our apartment, on the 14th floor, the whole block is privately owned, estate agents have people lined up to buy, but one estate agent is claiming only the council are offering mortgages as no one else will

We originally got our mortgage thru the council, but they are putting a price cap on the flat, which is lower than the current value

It's in a great location, and the resale is brilliant as well, so no worries there

Simon_gloster

Did the counil lend money or did you get a mortgage in order to purchase it?

You hit the nail on the head when you said about resalability and location.

A mortgage will always be agreed subject to valuation. Soke lenders will restrict council flats over certain floors.

Politely put, lenders probably wont consider Del boys flat, but may in desirable areas ie parts of londons council blocks.

geordie_ben

We got a mortgage off the council, and they would offer potential buyers mortgages as well.. but only up to a certain amount, which is less than the property value - hence wanting to know if buyers would stand a chance with other companies

It's not a council block tho, and certainly ain't Del Boys flat

Simon_gloster

If its privately built then you shoulnt have an issue. You mentioned council so I jumped at it being council.

geordie_ben

The block used to belong to the council, but was bought, stripped and refurbed as part of a regeneration, but the council are providing the mortgages for it.

But in essence, it's all private now