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Need a mortgage for a flat in a high rise

hairyantelope
Posts: 14 Forumite
Anybody any experience with this one? My sister is planning to buy her council property. A flat in a high rise block in Manchester. It's been valued at around £45K but with the necessary discounts, she can buy it at £24K. However, because it's in a high rise (60 in the block) many mortgage companies won't touch it.
Has anyone done this, and who with.
Help and advice on the whole situation would be greatly appreciated.
Has anyone done this, and who with.
Help and advice on the whole situation would be greatly appreciated.
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Comments
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which floor is she on and how many floors?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If it is difficult to get a mortgage it will be difficult to sell.
The danger with buying a council flat (as opposed to a house) is that you will be expected to pay your share of the maintenance of the block. If th council decides to upgrade the whole block in a few years time you could face a mammoth bill.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 -
Its the 2nd floor of a 10 (might be 11) storey building.
I did thing about the maintenance side of things, and the costs aren't the cheapest, but I don't have any particular thoughts on that.
However, with house prices the way they are, it still seems to me that £24K is a bargain in anyones book. I'd buy one if I could.
Still, I'd welcome anyones thoughts on the whole thing as I don't want to encourage her into something that would prove difficult to sell in the future.0 -
is it concrete? There are a couple of lenders that will do these I think.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Yes, it's concrete. Is there any other sort - sorry for my ignorance, but I just had visions of the big bad wolf stood outside a huge pile of sticks laughing away......0
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OK, so I've just spent a day eating humble pie - of course there are other sorts apart from concrete - and my sisters is a brick built one.
Does it make a difference if its brick or concrete (I could understand mortgage companies not wanting to help if it were wood of course!)
Thanks in advance0 -
Brokers usually are able to discuss these cases with lenders to see if they have mortgages properties there in the past. Alternatively the lender can find out from the surveyors directly to see if the property is acceptable
This may need the help of an adviser to find a suitable lenderI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Brick-built properties are standard and will be mortgageable assuming no other issues (the height of the high-rise block being a potential other issue).
Concrete-built blocks are much, much more difficult to get a mortgage on, and not all lenders will lend on them. That's one of many reasons why a property might be advertised on an EA website as "suitable for cash buyers only" or require a large deposit/low LTV.Operation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
I know of at least one other person in my sisters block who has bought their flat, but they did it on a loan rather than a mortgage, as they struggled to find a suitable lender.
With my sisters finances the way they are, I don't think I would want her to go down that route, but it may be an only option....
Anybody know of a specific lender out there, or will it have to be a broker doing all the work for her then?0 -
You would probably be better off with a brokerI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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