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More than 4 storeys. Chances for mortgage

heytoki

heytoki Posts: 165 Forumite

Tenth Anniversary

100 Posts

Combo Breaker

16 January 2015 at 2:22PM in Mortgages & endowments

Hi all,

When i started to look for my first property, i was advised by a mortgage broker that the lenders will not be happy for a property in a block with more than 4 storeys.

Does the above apply to any circumstance? or the lenders can change their mind depending on the deposit?

Also, if the building has more than 4 storeys but it is not a council or excouncil block, is it difficult to get the mortgage?

Thanks

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Comments

Dave_Ham Posts: 6,045 Forumite

16 January 2015 at 2:27PM

Makes it more difficult, but certainly not impossible.

I am a Mortgage Broker

You should note that this site doesn't check my status as a Mortgage Broker, 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.

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Senior_Paper_Monitor Posts: 2,918 Forumite

16 January 2015 at 2:50PM edited 17 January 2015 at 10:37AM

As Mr Ham says - whole number of other factors involved but 5th floor is certainly not a stopper on its own

Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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heytoki Posts: 165 Forumite

16 January 2015 at 2:57PM

Thanks for the reply.

i just wanted to know if i should keep an open mind while searching for properties.

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amnblog Posts: 12,771 Forumite

16 January 2015 at 3:09PM

Anything above 4 floors check with your broker, but in most cases there are sound options.

I am a Mortgage Broker

You should note that this site doesn't check my status as a Mortgage Broker, 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.
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