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Section 157 and NatWest?
carldtrnr
Posts: 2 Newbie
Has anyone else had an issue buying a property with a s157 restriction with a mortgage from NatWest? Both my wife and I meet the criteria for the restriction so no issue there, and I can’t find anything in their published lending criteria about it. We got the valuation back and they said it isn’t within lending policy. We are porting our current mortgage to avoid fees which is why it has to be NatWest. Any help would be appreciated.
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Comments
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What is it - fixed equity/discounted open market purchase and/or local occupancy restriction?
Not NatWest's cup of tea. Neither is shared ownership. If it's a newbuild, you will have a small number of lenders to choose from subject to LTV.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Thanks for your comment! It’s a local occupancy restriction. We’ve got an appointment with Barclays to see if they will lend, but now I’m worried that they will say the same thing? Are there any lenders who will lend of these types of houses?0
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Why not change the appointment with Barclays to an appointment with a local broker and get advice on 50 lenders rather than just 1?carldtrnr said:Thanks for your comment! It’s a local occupancy restriction. We’ve got an appointment with Barclays to see if they will lend, but now I’m worried that they will say the same thing? Are there any lenders who will lend of these types of houses?
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