Barclays/Woolwich Mortgage Refused: Flat is above shop

johnnybebad2000

amnblog wrote: »

This is not my understanding. Woolwich can still lend above shops depending on valuers comment.

In your case they seemed to have taken a view not to and this may be a view on the overall security, not just the fact it is over a shop.

I'm just away to submit a new app to Woolwich for a property above a hair salon, they said it would prob be ok subject to the valuer comments which are fine as there is a home report I have read.

I'm glad you clarified here, cause I just about had kittens with the post above saying they won't lend at all where shops are present.

Cheers

Plimsoll123

Hello,

That's interesting, My Barclays Mortgage advisor definitely said that they will not lend if a flat is above ANY commercial premises of any kind. There were no other reasons for rejecting my application.

Maybe it all boils down to what the Barclay's valuer flags up in their report.

I will request a copy of this report so I can clarify this.

Thanks for posting - it all adds weight to my case to try and get this decision overturned.

ACG

This is from their lending criteria:

Flats over shops/commercial premises – each case will be looked at individually

http://www.woolwichintermediaries.co.uk/Residentialcriteria/IP1242620533007 (Click on the letter P)

Plimsoll123

'M' for mixed use looks like the relevant section in this instance.

Just heard an advert for Barclays on LBC radio:

"At Barclays we reward our most loyal customers"

Slightly ironic maybe?

I think seven years of loyalty deserves some rewards

ACG

My cousin has been with them 28 years, maybe your havnt been there long enough to be seen as "most loyal". When i worked for RBS, i seen loads of accounts that were opened up before i was even born (1984), some going as far back as the 70s.

They havnt said they will not give you a mortgage, they have just said they wont above a shop. There is a huge difference, 1 is saying no to you the other saying no to the property... but im not getting drawn into that argument again. Im happy to help where possible but only where it will help the situation move forward.

Plimsoll123

Hmm. So ACG, tell me, who pays a mortgage advisors fee?

GMS

Plimsoll123 wrote: »

Hmm. So ACG, tell me, who pays a mortgage advisors fee?

Client pays the fee. If applicable the lender will pay commission to the adviser

ACG

GMS has pretty much summed it up.

Confuseddot

definitely wouldn't advise anyone to take out Barclays Woolwich mortgage. worst mistake of my life.

ACG

Can you expand on that?

Im not an advocate of Woolwich but im certainly not against them. Ive used them a few times and never had an issue that couldnt be overcome.