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Mortgage on high rise building
O_O
Posts: 5 Forumite
Hi there, this is one of my first posts but have been reading on here for a while.
I've been saving up for a deposit for my first flat for the last couple of years and have finally started looking into getting my first place.
I've been looking into some purpose built flats that are about 10 years old but because they are over 6 storeys a lot of lenders wont provide a mortgage on them which has been really depressing after working so hard to save up.
Is anyone else in the same boat?
The only way that I can see so far is to double my deposit which realistically is another year of saving
I've been saving up for a deposit for my first flat for the last couple of years and have finally started looking into getting my first place.
I've been looking into some purpose built flats that are about 10 years old but because they are over 6 storeys a lot of lenders wont provide a mortgage on them which has been really depressing after working so hard to save up.
Is anyone else in the same boat?
The only way that I can see so far is to double my deposit which realistically is another year of saving
0
Comments
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Have you spoken to a broker?
They may be able to help.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 -
Echo the above.
You need to speak to a Mortgage Broker. They will be able to review the market to find a lender that would fit with your needs.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0 -
Hi both, thanks for the advice. Yes I met with a broker this week and they should get back to me in the next few days. I had originally had an AIP with lloyds who offered £103,000 but when I did some digging of my own when I got home I found that their policy isn't to lend on anything over 8 stories I believe. I suppose a broker would be able to narrow it down to likely lenders but I imagine they typically wouldn't offer as much on this type of property?0
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Absolutely. Plenty of lenders that would help with this.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0
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