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Second Charge Loan for an 18 floors building
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MaxIRB
Posts: 4 Newbie
Hi, i was hoping if somebody here could point me to the right direction.
I have recently applied for a second charge loan and was refused because the building my flat is on, has 18 floors. It is not a council own property by any means. I did not know that this is a thing with second charge lenders. I have been searching the internet and could not find any. To make mater worse, many of these lenders do not deal directly with member of public.
Any suggestion would be much appreciated. Thank you
MIRB
I have recently applied for a second charge loan and was refused because the building my flat is on, has 18 floors. It is not a council own property by any means. I did not know that this is a thing with second charge lenders. I have been searching the internet and could not find any. To make mater worse, many of these lenders do not deal directly with member of public.
Any suggestion would be much appreciated. Thank you
MIRB
0
Comments
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How did you apply for the loan in the first place? Through a broker?
Second charge lenders will still complete due diligence of their own as to the state and level of security obtained.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 -
18 floors can be an issue for 1st charge and second charge lenders.
There are some out there who will lend but you might need to use a broker.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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