Mortgage for flat in high rise block

womble88

Am buying a flat in London in a riverside development where the block has 15 stories. Have been turned down by Coventry because it has >10 stories and apparently this is a common problem. My LTV is only going to be 20% but made no difference and it will be my main residence. Is there an easy way to search for mortgage lenders who allow lending to flats in blocks>10 stories. The block is more than 10:years old and is a development originally by St George’s. Am looking for. a cheap 5 year fix and a 25 year term. Thanks for any help!

Retired_Mortgage_Adviser

The mortgageability of the flat will depend greatly on the specifics.

The easiest way to find out what your options are would be to consult a broker. I'm hoping it wasn't a broker who placed you with Coventry!

At 20% LTV I daresay you should have some options.

ACG

The other thing that needs checking is if there is a lift - id hope so with 15 floors but worth checking.

We have a spreadsheet put together over a few years (so may not be 100% accurate) but there are a few normal lenders who will consider 15 stories either as standard or by referral.

You may need a broker though as the list is a little shorter than I expected meaning your options will be limited to some extent.

Bored

Nationwide had no issues with my flat which is in a 21-storey building.

ACG

Bored wrote: »

Nationwide had no issues with my flat which is in a 21-storey building.

Theyre on my list - good to know its at least partly right

Bored

ACG wrote: »

Theyre on my list - good to know its at least partly right

I chose them as a FTB without getting any advice from a mortgage broker because they were my primary bank account and they offered 95% LTV mortgages - Iooks like I was very lucky :eek:

womble88

Thanks. I had just been going off the best buyer tables in the papers. Are there mortgage brokers recommended to go to for the best deal?

ACG

Bored wrote: »

I chose them as a FTB without getting any advice from a mortgage broker because they were my primary bank account and they offered 95% LTV mortgages - Iooks like I was very lucky :eek:

According to my spreadsheet there are 14 lenders on there who will at the very least consider it - that is out of around 80-100 lenders we have access to.

There will be more than the 14 as my spreadsheet is not fully completed on that column, but even if you doubled it or trebled it, that is about 30-45% of the market. So it does look like there is an element of luck if you just pick a lender without checking but if you get it right, thats all that matters.