Nationwide - Flat above commercial premises

lydriver

Have read that some lenders won't give a mortgage on flats with commercial premises in the same block.
Are Nationwide one of these lenders?

GMS

Depends on the flat, type of commercial premises, access and ultimately valuers comments.

Why not call them and ask?

Dandytf

lydriver wrote: »

Have read that some lenders won't give a mortgage on flats with commercial premises in the same block.
Are Nationwide one of these lenders?

Interesting, I was advised a few years ago not to buy flat above shops as the home insurance may be a problem, IF I could find a mortgage provider for the property.

Cannot say what Natwide would advise.

ACG

Most lenders will lend on properties above commercial properties.
The issue is what commercial premises are downstairs and within the local area.

Typically:
off licenses,
bars,
pubs,
take aways,
bookies,
launderettes (high fire risk)
are problematic.

Elfbert

Well, I have a flat above a Tesco Express - however, I'm 9 floors above it, and the entrance to the flats is the opposite side of the building to the entrance to Tesco. Tbh, I wouldn't know it was there at all, 99% of the time. I'm also in London, which can certainly make a difference with lending on high rise, possible commercial premises too.

Anyway, I have a Nationwide mortgage on this flat so it's not an immediate no-go!

amnblog

There are three bands of mortgage lenders.

A. No to flats above commercial

B. We don't say no, but don't really say yes very often

C. If there is a possible yes, we are a good bet for it.

I put Nationwide in the second band.

Each property is considered on its own merits whatever the lenders stance.

One for a broker.