Mortgage lenders specialising in property above commercial premises?

M.Holloway

I'm trying to buy a house in East Croydon however it is situated next to an A5 building (dirty chicken shop) directly above an A1 building (chartered surveyors) and four doors down is a fast food pizza place (also A5)

Natwest has just had a valuation done and they valued it at £0.00 due to these premises.

I think the area will improve over the next 5 years so am still interested.

Are there any mortgage lenders who would be more inclined to lend right now?

ACG

Natwest would have been the obvious choice for me, there are maybe 1 or 2 others but I think if Natwest are declining it you may struggle.

Is it a residential or BTL?

amnblog

Forget it. It's a problem. Not worth the hassle or cost.

MortgageMamma

Are you buying it for yourself to live in or to rent out?

M.Holloway

Buying for myself, FTB. Need 90% mortgage.

densol_2

Move further out and buy somewhere nicer ? Why anyone would want to live in somewhere like that for 5 years in the hope it will improve is beyond me.

M.Holloway

densol wrote: »

Move further out and buy somewhere nicer ? Why anyone would want to live in somewhere like that for 5 years in the hope it will improve is beyond me.

I do. That's all that matters.

MortgageMamma

There are lenders that may consider this, they are specialist lenders who mostly work through intermediaries/brokers. Other posters are correct sometimes these purchases are a headache but not always impossible. What you need to do is find and talk to a whole of market mortgage adviser and establish with the viability of your proposed purchase, the likely costs and potential snags in terms of finance. Only then can you make an informed decision. As this isn't a straightforward purchase expect to pay a broker fee and perhaps a little more for the legal work.