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Flat over a Take-Away - any hope of a mortgage?
Dagliago
Posts: 14 Forumite
This was asked a few years ago but I thought I'd check the current situation.
A friend is desperate to sell a nice flat in London. Lots of interested viewers. But none can get a mortgage because it is over an Indian Take-Away.
Does anyone know of any financial institution that might be brave enough to lend money on such a property - or is there no hope unless a cash buyer turns up?
Thanks.
A friend is desperate to sell a nice flat in London. Lots of interested viewers. But none can get a mortgage because it is over an Indian Take-Away.
Does anyone know of any financial institution that might be brave enough to lend money on such a property - or is there no hope unless a cash buyer turns up?
Thanks.
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Comments
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At 50-60% you might get "A" lender - but it will be a specialist lender and they would only be known/used by brokers. The rates will also be pretty high in comparison to the high street.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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There's one high street lender which may consider this, but only if the property is considered suitable by the surveyor at valuation.
You would have to spend money on fees to establish if this proposition will work, with no guarantee of success.
Speak to a whole market broker, as ACG has suggested.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 -
Im amazed there are so many viewersFeudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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C_Mababejive wrote: »Im amazed there are so many viewers
Maybe a lot of people own flats over takeawaysEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
The owner of downstairs may be interestedSo many glitches, so little time...0
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