Perfect credit, having trouble borrowing on my High Rise apartment (Owned outright)

meelos

I'm 35 years old and I own my own home worth £275k outright.
I have an immaculate credit history with a rating of 999 out of 999.
I currently have zero debt aside from an overdraft facility which I don't use as I have about 5k in the bank.

I earn over £43k per year and have been in full time employment with two companies since 2012 with a guaranteed income until September 2018.

My apartment is a penthouse duplex on the 15th floor of my development (a renovated former council highrise converted into private serviced apartments).

And my broker is telling me that nobody will lend on a property over 5 floors and that the rent - owner ratio is too high.

I'm getting one offer from Cheshire Mortgage Corporation Limited who will lend up to 60% of the valuation at a variable interest rate of 6.69% (7.3% APRC). Which frankly I think is extortionate and risky given that the interest rate is not tied to the market rate.

I wish to borrow £150k (or whatever the maximum amount is that I can get a reasonable rate for.) I wish to make some home improvements (with the possibility of selling) and invest in another property. So I would want a mortgage that has no early repayment fees.

My income is full-time and enjoys all the projection of a full time employee working for over a year. However when I took the position I requested that they guarantee the salary for a minimum period in my Statement of Terms to minimise the risk involved with me leaving my previous employer.

I've actually been offered another full time position, due to start in August with another company for same money but better terms. (Which I'm considering)

The reasons the broker gave were that most lenders are refusing to lend on High-Rise developments.

O don't have a renter to leaseholder ratio. However I could speculate it's 60-40. I'll email the broker now and ask.

I was referred to this broker by another (I've spoken to two).

The area is Merseyside (L5).

Surely there is someone out there who can offer me something better?

Any ideas?

Thrugelmir

Best to stick to one thread. Rather than start yet another. :beer:

meelos

Even when people stop replying without reason?

[Deleted User]

Yes. .

meelos

Nah I think I'll just keep asking until someone is willing to help me out, such is the nature of a support forum. So unless there is some constructive criticism of how I can better pose my question for a response. I'll keep asking. I don't think that is poor etiquette.

I simply need help. And I'll keep searching until I find it.

Thanks anyway.