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Valuation failed - need provider

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Hi,

Hope someone can help with this query. Natwest have just done a valuation on the property I am interest in and it failed the valuation. This happened only today and I have yet to be told why. The property is over commercial properties however I was aware that this could be an issue and all the details of this were disclosed prior, however it has still failed.
I have rung round a number of mortgage brokers and three of them said Natwest are one of the more likely to lend for such a property so I feel lost.
Can anyone please advise who in their experience are more likely or will lend. This flat that I am interested in is on the top floor with a flat below and on the ground floor there is a restaurant.

Many thanks in advance

Giles
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Comments

  • Sorry you have a hit a bump in the road. I would wait until you get confirmation of the reason why it has been declined.

    However, I am sure that others will be here shortly with advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    gilesmac wrote: »
    This flat that I am interested in is on the top floor with a flat below and on the ground floor there is a restaurant.

    The nature of the commercial activity is highly likely to be the issue.

    Takeaway?
  • Thanks for your reply,

    It is a cafe.
  • We are stuck in our place!

    Santander gave us a mortgage for a property above a commercial premises and we have lived in the flat - we were FTB with a 10% deposit.

    Subsequently, when we now want to sell and move onto the next logical stage in the housing ladder Santander are failing to give a mortgage to buyers of our flat. So we are stuck.

    It is such a brilliant flat, with character features and in the best part of town. We have had at least 25 offers, many over the asking price.

    It is an ideal FTB property and due to the location/nature is very popular; therefore with market forces is less risky than other flats (an investor will never have it empty)

    It is so unfair as you want to go from a flat to a house - this has been going on for over a year!

    Santander lent to one FTB but not another - that is what is shocking and we are trapped. So across the country flats above commercial premises must pretty much be out of bounds for FTB despite being a lower price and financially more affordable.

    My advice - steer clear and go for a flat that may have less character but in a purpose build lego set!
  • ronny147 wrote: »
    We are stuck in our place!

    Santander gave us a mortgage for a property above a commercial premises and we have lived in the flat - we were FTB with a 10% deposit.

    Subsequently, when we now want to sell and move onto the next logical stage in the housing ladder Santander are failing to give a mortgage to buyers of our flat. So we are stuck.

    It is such a brilliant flat, with character features and in the best part of town. We have had at least 25 offers, many over the asking price.

    It is an ideal FTB property and due to the location/nature is very popular; therefore with market forces is less risky than other flats (an investor will never have it empty)

    It is so unfair as you want to go from a flat to a house - this has been going on for over a year!

    Santander lent to one FTB but not another - that is what is shocking and we are trapped. So across the country flats above commercial premises must pretty much be out of bounds for FTB despite being a lower price and financially more affordable.

    My advice - steer clear and go for a flat that may have less character but in a purpose build lego set!

    Is it just FTB though? I wouldn't have thought it had much to do with that. But I work in motor finance...so not much knowledge here.

    Just wondering how people manage to get mortgages in cities with so many flats being above commercial properties?
  • Thanks for the reply - this is what I was wondering.

    The flat is in high demand but is ideally suited to someone starting out in life - people like it - over 25 offers.

    Why did the bank lend to us to buy it but not subsequent people?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ronny147 wrote: »
    The flat is in high demand but is ideally suited to someone starting out in life - people like it - over 25 offers.

    Investors buying for cash to let out.
  • We have had that as well but since stamp duty changes less cash buyers out there!
  • It's probably not what you want to hear but if it continues to look like potential buyers can't get a mortgage to buy the flat at the "market price" and you can't wait much longer, you might want to consider dropping the price or advertising it for cash buyers only with a decent discount.

    I wish you good luck.
    ronny147 wrote: »
    Thanks for the reply - this is what I was wondering.

    The flat is in high demand but is ideally suited to someone starting out in life - people like it - over 25 offers.

    Why did the bank lend to us to buy it but not subsequent people?
  • ronny147 wrote: »
    We are stuck in our place!

    Santander gave us a mortgage for a property above a commercial premises and we have lived in the flat - we were FTB with a 10% deposit.

    Subsequently, when we now want to sell and move onto the next logical stage in the housing ladder Santander are failing to give a mortgage to buyers of our flat. So we are stuck.

    It is such a brilliant flat, with character features and in the best part of town. We have had at least 25 offers, many over the asking price.

    It is an ideal FTB property and due to the location/nature is very popular; therefore with market forces is less risky than other flats (an investor will never have it empty)

    It is so unfair as you want to go from a flat to a house - this has been going on for over a year!

    Santander lent to one FTB but not another - that is what is shocking and we are trapped. So across the country flats above commercial premises must pretty much be out of bounds for FTB despite being a lower price and financially more affordable.

    My advice - steer clear and go for a flat that may have less character but in a purpose build lego set!


    Why are you focussing your ire on Santander? Just because they lent to you with your 10% deposit back whenever, it does not mean they have to lend to someone else now. You met their criteria at the time, maybe things have changed since then.


    You've had at least 25 offers, many over the asking price. But there are dozens of lenders out there so it seems unlikely that all of them only applied to Santander for a mortgage?
    Feb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker
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