Right to Buy - cannot get a mortgage

mirelareci

Dear all,

I am trying to get a mortgage to buy my flat under the above scheme. I have excellent credit rating and fulfill all the criteria for a mortgage. I had it pre-approved straightway by Santander (Abbey). However there is a low owner occupier (6 in a 32 flats in the block) and this is the only reason why the lenders are pulling out after their surveyors visit my flat. I live in Hammersmith, near the tube station and all the amenities. It is a perfect location and I live on 4th floor of a 8 storey building. I have gone to the lenders directly and through mortgage brokers but no luck so far. Does anyone know if this obstacle can be overcome and if so how?! I would appreciate any constructive feedback.

Many thanks,

Mirela

Dave_Ham

It is likely to come down to current exposure, surveyor view and exact postal code. You have found this already, although I am hopeful that the broker/advisors called the Surveyor in advance to save the valuation fee.

Where have said no so far?

I would fancy a solution given the perceived location, although could not be certain..

mirelareci

Dave_Ham wrote: »

It is likely to come down to current exposure, surveyor view and exact postal code. You have found this already, although I am hopeful that the broker/advisors called the Surveyor in advance to save the valuation fee.

Where have said no so far?

I would fancy a solution given the perceived location, although could not be certain..

Thanks for the reply Dave,
Only Santander have said no so far but I have contacted Lloyds and other banks but no feedback yet which seems strange. I spoke to a broker yesterday who said that it would be impossible to get it, hence the worry. Do you have anyone in mind you could recommend please as I am running out of options,,, and time!!! Thanks.

Senior_Paper_Monitor

OP (SK ?) - I think I have just spoken to you in in response to an email enquiry at lunchtime ? Abbey are one of the more flexible lenders in terms of property but there are couple of options it can be 'floated across 'without the cost of going to survey'.

mirelareci

Senior_Paper_Monitor wrote: »

OP (SK ?) - I think I have just spoken to you in in response to an email enquiry at lunchtime ? Abbey are one of the more flexible lenders in terms of property but there are couple of options it can be 'floated across 'without the cost of going to survey'.

Hi SPM,
I don't think you have spoken to me as I'm not in the UK right now but there may be someone else from the same block who's contacted you as I aware that a few people are having the same issue!!! We are actually thinking of writing to the local MP about this however we're sure it will assist us with anything. Do you think it can be achieved then please? If you sort it out for your client can you let me know pls so all of us can come to you??? Cheers

Thrugelmir

[QUOTE=mirelareci;63854450We_are_actually_thinking_of_writing_to_the_local_MP_about_this_however_we're_sure_it_will_assist_us_with_anything._[/QUOTE]

Lenders decide to whom and on what they are prepared to advance a mortgage for. There's no right to a mortgage. This is a business transaction.

pjread

Pretty sure most lenders will lend on anything viable again these days, is there anything specific going on (inflated "value", very high LTV, no provable income, etc?)

Senior_Paper_Monitor

Ooops apologies - it sounds like I was fishing for a client (not the case as we can hardly cope with demand at the moment). Got an email enquiry at lunchtime for a RTB flat in Hammersmith, 6 out of 32 in private ownership, on 4th floor of 8 story building etc - rang them and said too busy and will call over weekend, so obviously not you.

Senior_Paper_Monitor

PJ, not sure that I'd go along with that one - flats in London above 4 floors in block are a general nightmare to place. We get a couple of RTB enquiries a day so wish what you say was correct.

pjread

Senior_Paper_Monitor wrote: »

PJ, not sure that I'd go along with that one - flats in London above 4 floors in block are a general nightmare to place. We get a couple of RTB enquiries a day so wish what you say was correct.

You're probably right, my mind was on freehold houses where perhaps things are a little 'easier'.