Balcony deck access mortgage decline

clamdreamer

Hi all,

Hoping someone has experience . My mortgage offer went in with TSB on 23/09, I called the broker for an update yesterday and he says they'd updated him that morning that the valuer has recommended that TSB do not lend against the property as it has balcony deck access. He's asked me to give him til the end of today to find other suitable lenders and says that its likely that a bank willing to lend will do so with a higher interest rate than otherwise.
The flat I'm attempting to purchase is an ex-local authority, first (or second) floor maisonette in a small block of 6 with intercom access to the internal stairs.

My limited research of this issue suggests that there are, indeed, lenders who do not favour this type of property with the exception of those in London where this kind of property is common. 

I'm applying for a 80% LTV mortgage and originally applied for one with a 1.94% interest rate from TSB. Obviously I'm not delighted at the prospect of a higher rate but more importantly, I'm thinking that if the next lender we apply with also declines, it indicates how difficult it is to get a mortgage for this property and prhaps its best to walk away to save the same hassle when I come to sell whenever that is.

Does anyone have any experience of obtaining a mortgage for a flat with balcony deck access? I'd appreciate any comments, positive or negative.

Thanks,
J

ACG

Broker has made a mistake (assuming they knew about the deck access) - hopefully a free val or you are due a refund if the broker knew...
https://intermediary.tsb.co.uk/criteria/residential-criteria/property/#Unacceptableconstruction
Flats with balcony/ open deck access arrangements within the block are not acceptable.

Deck access can be a problem with a lot of lenders. Hopefully they include that in their research this time. 

clamdreamer

Thank you so much ACG- I had a nagging feeling that he should have researched this. I'd sent a link to the property to him at the start of all of this and you can very clearly see the access type from one of the pictures. He's due to offer some options to me today- I took the bad news quite diplomatically yesterday because there's nothing we can do about TSB but I think I should point out that he should have done due research.
Thanks again