Mortgage for flat above a bookies

Daniel54

I am gifting my son a deposit to help him buy .We have seen a very nice flat but it is above a well known betting shop chain.i am having trouble from the websites establishing whether this is a no-no for major lenders such as Halifax or Nationwide.Brief financial details as follows;

Envisaged purchase/offer price:£220,000.Gifted deposit up to £50,000.Mortgage required £170,000 -£175,000

Son's salary £37,000 -student loan repayments,otherwise no loans or credit card debt.Age 27 -nearly 3 years in current employment

Any advice appreciated regarding lenders to focus on and those to avoid

Many Thanks in advance

ACG

You need to speak to the underwriters beforehand - it will come down to valuers comments though.

There are lenders who will probably do this but the rates may be higher than high st lenders. Thats not to say high street lenders wont do it but its best to get at least an indication from the lenders underwriters before you pay for valuers etc.

GMS

Which are is the property in?

Flats above commercial will always come down to valuers comments if a lender would consider.

No hard and fast rule bit dome areas are more likely than others.

Bookies not a great shop. Antique shop seen as desirable, second hand shop not. Bistro may be ok, cafe not.

Minefield really and as ACG says definitely something that needs to be agreed up front, subject to valuers comments.

Broker may be useful for you.

Daniel54

Just popping back to update.I sourced a local whole of market broker from unbiased.co.uk and my son took it from there.On Saturday he received the valuation at the agreed selling price and the formal mortgage offer from Natwest (who I doubt we would have identified as a likely lender)

Thanks again to ACG and GMS for the prompt and most useful responses.

Dan

amnblog

They would have been my suggestion also.

kingstreet

... and mine!

amnblog

perhaps 'my'bet' would have been a better term

kingstreet

Understood.