Any lenders who will consider EWS1 B2?

CarolineBaker

I have a flat in London which I am looking to move to a buy to let mortgage. I have an EWS1 form but unfortunately it is B2, which means it needs remedial work. The work has not been priced or booked in yet.
Fortunately, I only need a 50% mortgage. Do you know of any lenders who might consider this?
Thank you

K_S

CarolineBaker said:

I have a flat in London which I am looking to move to a buy to let mortgage. I have an EWS1 form but unfortunately it is B2, which means it needs remedial work. The work has not been priced or booked in yet.
Fortunately, I only need a 50% mortgage. Do you know of any lenders who might consider this?
Thank you

Relevant to your scenario - Some lenders *may* consider lending on EWS1 B2 flats IF the developer/freeholder confirms in writing that the cost of remedial works will be borne by them along with representations about the quality of the work that will be done.

Where the remedial costs will be paid by individual leaseholders, lenders may consider it if remedial works have been planned/started and already been paid for, and the developer/freeholder confirms that in writing.

There are a lot of 'mays', 'could', etc because understandably lenders are very cautious. From my experience, developers are usually reluctant to give the kind of representations required by lenders.

Imho, you are much better off getting a CTL from your current lender, at least for the time being.

CarolineBaker

Thank you. Yes, it sounds like CTL would be the best option for now, and then I will switch to buy to let as soon as we have more certainty about the timescales and costs and who is responsible for paying.