High rise flats mortgage

jlaw89

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

PasturesNew

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.

ILW

I would agree with above, at times it has been impossible to mortgage such properties. (possibly unless central London riverside or similar)

princessjasmine

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.

ACG

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!

Dave_Ham

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 luck

kingstreet

I'd add to that, is it a newbuild and what's the location?

bigadaj

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.

harpoboy

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 again

jlaw89

Thank you everyone for your help.