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Mortgage Lenders stop lending
tochun
Posts: 27 Forumite
I am looking to buy a house in a converted hotel. Building is concrete and consists of 11 floors. It was converted into luxury flats a few years back. At the time, some high street lenders provided mortgages. However since then, I have heard this has stopped (heard there have been some repossessions in the block). What are the probability that they will recommence sometime in the future?
Any information appreciated. Thanks in advance.
Any information appreciated. Thanks in advance.
0
Comments
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A couple of things that jump out immediately, that ledners normally do not like:
1) concrete build
2) High rise (over 4 floors) a lot of lenders do not like to lendI 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 -
I dont think heights a problem.More to do with structure. A "Full survey" should cover that. If it goes tits up later, at least you will have someone to fall back on0
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Height can indeed be a problem with a lot of lenders and combine that with the build type and you narrow down your options further.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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