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Self management with Freehold

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trimigistus
trimigistus Posts: 4 Newbie
Part of the Furniture First Post Combo Breaker
in Mortgages & endowments
We have dismissed our building management company in favour of self-management and all that entails, in a block with 11 flats. One of the freeholders has concerns that mortgage companies may not lend if there is no management company in place. Obviously this concerns all owners with a mortgage and the investors who have BTL mortgages. We have an the Terms of Association of our company. Do these terms adhere to mortgage policy or do we need a new terms of agreement so that the  mortgage company can be satisfied that the freehold terms are being adhered to?
Also, if each mortgage company sets its own criteria then does anyone have an experience to share?
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