Mortgage for a flat near commercial property!

evo21

Does anybody know of any flexible lenders who will give us a mortgage, based on the fact that we want to buy a flat beside commercial property (a warehouse)? We have been informed that most high street lenders won't touch us?

My partner and I are looking to buy our first home. We have found a flat which is a really good size for a 1 bed. We are buying off plan. It's on the top floor of a 3 storey building, which has been converted from an old office block into 35 flats. The block itself is between an industrial estate and a residential estate, both of which are very quiet. It's near the train station, good road links etc.

We applied for a mortgage with Sanatander, were financially approved and everything was going swimmingly. Unfortunately, the flat failed the valuation. The reason provided was that the flat did not have 'marketability' because it was beside commercial property.

We enquired with Virgin and they have also said underwriters would reject a property beside commercial property.

I am struggling with this, because from the flat our eye line is above the industrial estate buildings so we are not overlooked. There are 2 warehouses beside the flats and they are so so quiet... We have visited the site several times and never heard a peep. I asked locals and they said they never get any noise. I recognize these could be bought out and changed to something noisey and that may be why lenders are unwilling to lend.

Does anyone know any lenders that are more willing to be flexible? I LOVE this flat and would be gutted to lose it.

**I have heard that someone in the building has been approved by using Natwest - unfortunately we cannot use Natwest as my partner changed jobs (upgraded if you like, for another with higher pay) and now lenders are being picky that he has not been in his current job for more than 3 months. Credit checks etc are fine.**

evo21

I thought I would add an update in case there is anybody out there who has a similar situation - It turns out the Barclays lent to the developers to turn the flats into residential property in the first place, so they agreed in the end to lend on the property. However, they valued it at £20,000 less that the selling price.

After lots of headaches we decided to pull out and leave the property. We decided it would be too hard to sell when we were ready to move on from the place.

ACG

I think Natwest just want one payslip in the new job assuming he has not had any time out of work.

You will struggle with this and the options are going to be limited. Natwest was my initial thought for the property but you need to ensure you fit also. There may be other lenders also and so it would be a good idea to get a good experienced broker on it.