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New build, 10th floor, 15% deposit. Help !
georgecostanza_2
Posts: 30 Forumite
Hi everyone. We have had an offer accpted on a flat. It is on the 10th floor of a 27 storey building, only recently completed, and made out of brick not concrete! We have a 15 % deposite and both earn more then enough to cover the repayments.
So why can we not find a mortgage ? In desperation we have gone to a mortgage broker today, but is it not just madness that given the current stagnant economy the lenders are not doing more to keep things moving ? No wonder the new builds in London are all snapped up by the far east, us locals cannot get a mortgage !
So why can we not find a mortgage ? In desperation we have gone to a mortgage broker today, but is it not just madness that given the current stagnant economy the lenders are not doing more to keep things moving ? No wonder the new builds in London are all snapped up by the far east, us locals cannot get a mortgage !
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What's the problem, the floor/height, or the maximum loan to value for a newbuild flat?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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One of the main problems is the height of the building. Lots of mainstream mortgage companies never lend and even didn't during the boom on flats in blocks over 5 storeys high.georgecostanza wrote: »Hi everyone. We have had an offer accpted on a flat. It is on the 10th floor of a 27 storey building, only recently completed, and made out of brick not concrete! We have a 15 % deposite and both earn more then enough to cover the repayments.
So why can we not find a mortgage ?
If your block was less than 5 storeys you would have absolutely no problem in getting a mortgage.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Everything !
Started off with the Coop as I bank with them they do not do flats above floor number 4. Many will only do new buils flats up to 75 or 80 % LTV. Some will not do buildings over 10 floors.
I do not how anyone around the east of london can get a mortgage as this area is turning into skyscraper city .0 -
The builders will normally know who will lend and at what maximum LTV. They don't often build buildings they won't be able to sell because they are unmortgageable.
Spoken to the builder's broker?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We are not buying from the builder.0
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Who are the mortgage providers of the vendor?georgecostanza wrote: »We are not buying from the builder.
Ask them as they are more likely to lend to you.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
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Who are the mortgage providers of the vendor? Ask them as they are more likely to lend to you.
New build so vendor unlikely to have a mortgage provider. However, you can try two things.
1. Knock on the door of flats already sold, explain your predicament, and then ask which residential lender they used.
2. Phone Colleys (ex-Halifax and now part of LBG) Surveyors on 0845 120 4459, explain your predicament, provide the postal code and ask them to check on their system if they have lent in the block.0 -
So, it's a newbuild but you're not buying from the builder?
How long has it been in current ownership?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Curiouser and curiouser, who or what is the status of the vendor? However, still doesn't change the fact of high rise.0
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