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Rejected mortgage for ex council high rise in northwest - can anyone help
Starfish33
Posts: 1 Newbie
Recently rejected by Santander and Natwest for mortgage on flat in ex-council high rise. Went to two separate mortgage brokers, a local firm (not whole of market) and Which. Rejected based on surveyors reports 'refurbished ex-local authority high rise ....likely to be limited demand from owner occupiers in this block as the main demand will be from investors. Other flats have already been declined from RBS as well as other lenders.'
Seems as I don't have the cash to buy I'm excluded. No other reason to be rejected. Can anyone help I have no idea what else I can do and I'm desperate.
Many thanks.
Seems as I don't have the cash to buy I'm excluded. No other reason to be rejected. Can anyone help I have no idea what else I can do and I'm desperate.
Many thanks.
0
Comments
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Is there a reason you've chosen this type of property?0
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With all of these warning signs why would you want to go ahead with the purchase?0
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The second firm you would have thought would have run it by the surveyors before applying - assuming they knew why the first application was declined.
You need a good broker who is preppared to invest the time in to speaking to the surveyors beforehand. There will be lenders but it could end up being a lender you may not particularly want, one with higher rates than the high street.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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