Flying Freehold Mortgage??

Davey80_2

I'm going through the re-mortgage process and it seems that alot of lenders have problems with accepting a property with a Flying freehold.

Does anyone know of any lenders that will accept a property with a flying freehold?

My credit isn't the best as I am in 2 months arrears with the mortgage and I have had 2 defaults, setttled last year for one at £250 and another for £320. The property is worth £150,000, current mortgage is £110,000. I would like to consolidate a few loans by taking if possible a 90% LTV Re-mortgage.

I get paid £34,000 per year + upto 5K bonuses, my partner who I'd like to add to the mortgage earns £35,000 with bonuses up to £6000 per year.:think:

Please help......

Bungarm2001

Don't know if I can help or not, but I did come across a similar problem a few years ago. The only difference in my case tho I was paying cash for the house and found that insurance was a bit of a so and so to find because of the FF.

In the end, my solicitor found a company who would have insured it separately as an add-on to a normal buildings policy. If you maybe have one of these in place already, would the mortgage lenders take that more favourably? It could be worth looking into perhaps?

Sounds like you could use afinancial advisor who is expert in dealing with these sorts of probs.

Liz

PS I never bought the house in the end...too many things wrong with it. :eek:

skint-78

I was chatting to a mortgage advisor this week just about this as I have in the past shown interest in a flying freehold property and was told it was difficult to find lenders.
I am now house hunting and wondering whether to steer clear of FF this time round for exactly the reasons you mention.
She said that if you tend to approach lenders who are local to the property (in my case Yorkshire) it is more likely they will lend as FF and underdwellings are common in areas such as Halifax/Hebden Bridge etc in Calderdale.
Hope this helps.

Leon_W

Most main lenders are not adverse to Flying Freeholds. Halifax , Abbey are both OK but have a limit of about 30% of the area that can be FF from memory (don't quote me on that) . I've personally never had a problem with FF properties.

I think the OP's problem is more to do with the 2 months arrears. There are only a few companies that will take that on + debt consolidation + 90% LTV + defaults. Tis a big ask indeed.

By adding your partner I think you'll improve your chances greatly.

Davey80_2

Thanks for all you're help guys. Hopefully I'll get this approved by someone and then I'll be able to sleep at night!