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High rise flats mortgage
jlaw89
Posts: 3 Newbie
Hi,
Looking for some advice on gaining a mortgage for an apartment in a high rise block. I am a first time buyer and looking to put down a 10% deposit but I am coming to understand this may be quite difficult. I have contacted the HSBC and they said that they do not take any less than 20% deposit with high rise buildings. I am wondering if anyone else has had a similar problem or if anyone knows of any banks that specialise in these mortgages.
Any help at all would be great.
Thanks in advance
Jonathan Law
Looking for some advice on gaining a mortgage for an apartment in a high rise block. I am a first time buyer and looking to put down a 10% deposit but I am coming to understand this may be quite difficult. I have contacted the HSBC and they said that they do not take any less than 20% deposit with high rise buildings. I am wondering if anyone else has had a similar problem or if anyone knows of any banks that specialise in these mortgages.
Any help at all would be great.
Thanks in advance
Jonathan Law
0
Comments
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Best help I'd give to a friend in your position is to forget it ... if lenders don't like to lend it's because the risk is too high. If risk is too high for a big company, think how that risk could cripple you.
Many issues with high rise flats, not just mortgageability.0 -
I would agree with above, at times it has been impossible to mortgage such properties. (possibly unless central London riverside or similar)0
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Quite disheartening "advice". It may be true. But HSBC aren't god. I'd get yourself a mortgage advisor that can look at whole of market rather than restricting yourself to one lenders decision. Good luck.Working in Marketing for one of the big four supermarkets.0
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Im a Whole of Market advisor. Ive never been tasked with looking for a mortgage in a high rise but with a 10% deposit im not sure its possible. Infact 20% deposit is actually quite good!I 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
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If indeed there is a solution, will depend upon the following variables (property wise)
How many floors in block?
What floor is your proposed flat on?
Was this ex local authority?
Lease length and situation?
On a high rise it is still likely to be subject to valuers comments on suitability of security..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I'd add to that, is it a newbuild and what's the location?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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Also if you struggle to get a mortgage then so may future buyers and if you wants to sell you may be restricting your pool of buyers.0
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You need to speak to a decent broker on this.
But as the last contributor commented, if its difficult for you to buy it now - it is very likely to be difficult for you to sell on again0 -
Thank you everyone for your help.0
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