Housewife Mortgage for ex-local block

naty1234

Hi all,

Does anyone know of a lender who might give a buy-to-let to a housewife other that the mortgage works? I am trying to raise money on a flat I already own (and currently rent out) so I that I can buy another property and stop renting myself. I have been told that I cannot get one from the mortgage works because the flat is on the 9th floor of an ex-local block and that there is no other option. Can this be true? My partner has a good job but a couple of defaults so I don't think he can get a mortgage

kingstreet

Yes. It's true.

Most lenders won't lend on ex-local authority high-rise flats.

With no personal income and such a property, I can't see an option.

Conrad

I only know of one lender but it will be down to the saurveyors opinion as to the saleability of the flat. If it's in a bad area and has things like a broken lift or galleried landing, your chances are slim.

Have you tried another broker? TMW never lend on such places so I hope you didn't waste a valuation fee.

naty1234

Thanks for the replys. I have not tried another broker and did not have to pay a valuation fee as I got free advice through Which. The flat has two working lifts and no galleried entrance and because of the location (Bethnal Green) it would always sell. Any broker suggestions?

bargainbetty

Try your own bank? You have a history with them, and they will see the rental income.