non standard flats?

cluelessoncanvey

Seen a flat up for sale but it's above a shop (travel agents), remember being advised by a mortgage broker that lenders don't like non-standard flats, ie above shops or with flat roofs (does a roof converted into a flat also count?) Currently the co-op are offering one of the best deals, but when looking at their website I could not see any T&Cs to find out whether they would be willing to mortgage a flat above a shop - to see if it was worth viewing or a waste of time. So can you use the web to find out what lenders allow what, or is it only something an experience broker knows and isn't out in the open for all to see? What about visiting a branch, would they be able to enlighten on what their criteria are (another one I'm 43 but would ideally like a 25 year mortgage, some seem to reduce it to 22 because of the retirement age, others dont)

ACG

All lenders will say subject to surveyors comments. However there are some lenders who are more likely to accept it than others.

I used to work for co-op and their stance was, not in close proximity to:
Take aways,
off licenses,
launderettes,
Pubs/clubs/bars.

It could have changed but I doubt it will have changed a lot.

You mention the co-op deal, but barein mind it comes with a £1500 fee and require a 40% deposit. Unless you are buying an expensive property and have a sizeable deposit its probably going to be cheaper to pay a higher rate with a lower fee... but just make sure you do the sums.

cluelessoncanvey

Thanks for the reply. the Co-op deal i was looking at was the no fees one. I'll be around 90% LTV, they are offering something like 3.49% with fee evaluations etc. Think it might have been .15% higher at the brokers I visited during the weekend (3.64% if i remember correctly what I saw, but am not sure). Also the broker said the'd offer me 4.7% my wage, which was unusual - highest offer I've had.

From what I've seen any fees above £500 don't seem worth it.

cluelessoncanvey

Oh and if I do view a non-standard, like this current one on offer, and get so far through the application and it fails for such reason (not sure if the converted loft woudl also be a non-standard, I am guessing so - that's two of the three properties available in the area at mo) when you find somewhere else woul dyou have ot go back from the beginning again or can they pick it up partially from where they left off? Somer things wouldn't have changed, like my finances, or would they have to check it all again to make sure (may be a time limit?)