Mortgages for a flat with no lift access (HSBC mortgages)

benott

Hello, I was hoping to get the opinions of those on here as I've run into an issue arising from the HSBC property valuation.

I've had an offer accepted and mortgage agreed subject to valuation on a first floor flat which is in a block built around 10 years ago that is five floors in total.

The results of the valuation has been referred to the underwriters of the mortgage as the block has no lift. I was completely unaware that this was a criteria for HSBC mortgages, although from googling there is plenty of content on the subject, they just weren't very upfront about it!

Should HSBC agree to the mortgage what do you think the effect of not having a lift in the block would have on the value? Or is it worth going ahead at all?

My thoughts are that prospective buyers would have the same difficulty getting a mortgage in the future making it a difficult sell, a previous sale has fallen through on this property which I can only assume is due to this reason (I was told the buyer could not get the mortgage).

I'd appreciate your thoughts and opinions, has anyone else had a similar experience?

Owain_Moneysaver

Not having a lift is a bit of a nuisance if you're on the fifth floor, especially for young families with prams etc, but less so for 'young professionals'.

If you're on the first floor however the lack of maintenance costs of a lift is an advantage.

The overall attractiveness of the block will be reduced, but perhaps not by much. Depends on the neighbourhood and target market.

davidmcn

I have never heard of lenders having criteria to do with lifts, and I can't see the marketability of a first floor flat being affected by the lack of a lift (as pointed out, it's more likely to be viewed as an unnecessary cost).

I know lenders do tend to have issues with multi-storey blocks in general though, so maybe it's the five floors that are the problem, whether with or without a lift?

Snakey

I've heard that not having a lift is a problem, but my mortgage adviser told me it was only if you were buying on a higher floor. If your application has been referred rather than rejected outright, this should mean that somebody with a brain is actually looking at it and with luck they will realise that because you're on the first floor it's no biggie (after all, if you buy a house it has a first floor with no lift).

Some lenders do have a problem with high-rise blocks, and also with ex-council (if that applies to you).