Precise mortgages

muhandis

Surely the broker must have asked you whether the flat/house was above or next to a takeaway/restaurant?

Did you not disclose this then? Some lenders frown upon this and some are ok with it. If he knew this, the broker would have placed it with an appropriate lender who doesn't mind.

starM wrote: »

Update:-

Mortgage offer has been issued on property we are trying to purchase.

There is an issue with remortgage. Got following enail from broker:-

The lender has some concerns regarding the Turkish grill that is adjacent to your property. Can you please confirm if this adjacent as the application form did not state this?

There is a turkish grill although I never thought I will have effect on remortgage application. Apart from that valuation shows it is suitable for morgage security and rent stated is higher than current rent.

Broker sent me an email around 5.30 so by the time ai tried to ring the office was closed.

What is likelyhood now remortgage to be approved?

Thanks

starM

Hi, Thanks for replying back.

The broker did not ask me if the property was next to takeaway and I did not thought it will effect my mortgage application.

I have spoken with my broker he will appeal against precise decison. If that comes back as refused he will look at alternative mortgage providers.

starM

My broker has recommended Keystone Finance. Obviously he cannot guarantee if Keystone will accept the type of property I have.

I have also contacted L&C and just got an email to say they cannot help. The only lender which will accept mortgage is for properties based in London.

So does that means any properties next to takeaway in UK except London cannot obtain a mortgage. Really hard to believe.

I think I will miss out on purchasing any new property if that is the case.

Can anyone recommend a broker or lender likely to help?

Thanks

muhandis

A quick google search brings up this from a mortgage broker for a similar issue where the property was rejected at valuation stage because it was next to a takeaway-

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"Most lenders won't lend on a property above, below or adjacent to commercial premises especially food, alcohol, sex or gambling related also anything that's a fire risk or creates smells eg launderette, hairdressers, etc.

The exception is prime London post codes and even then most won't lend on the above but will consider offices, retail, etc."

http://www.propertytribes.com/valuation-came-back-zero-as-near-take-away-t-8816.html

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I'm afraid to me it does look like it will be quite difficult to proceed with this. Even Keystone finance says in its lending criteria that it only lends on "Properties above non-food commercial premises" I know yours isn't 'above' but it is possible that they reject the property as well.

I wish you luck.

starM wrote: »

My broker has recommended Keystone Finance. Obviously he cannot guarantee if Keystone will accept the type of property I have.

I have also contacted L&C and just got an email to say they cannot help. The only lender which will accept mortgage is for properties based in London.

So does that means any properties next to takeaway in UK except London cannot obtain a mortgage. Really hard to believe.

I think I will miss out on purchasing any new property if that is the case.

Can anyone recommend a broker or lender likely to help?

Thanks

starM

muhandis. Thanks for replying.

I have been ringing around afew places last afew days. One of the brokers recommended Paratus AMC. The broker said it is in there criteria and they accept property next to take away.

I did try to search online but couldn't find the property criteria. I think they are part of Foundation Homeloans. I have no choice to try them out. That will be another afew hundreds pounds on application/valuation fee. If they declined too then that will be end of remortgage applications.