Overexposure limiting to 1 lender

Zac1234

Hi. 

I am applying for a shared ownership apartment and the housing association has stated that there is only 1 lender available due to overexposure. The housing association rep stated that it was due to Cladding law or ews1 or something. Can someone help as the interest rate is huge on the lender and am worried that it’s not going to be applicable. Thanks in advance 

[Deleted User]

What do you want help with?  I am not sure of what your question is

Its not uncommon for lenders to stop lending when they hit certain exposure limits.  Especially on S/O as there arent many lenders doing low deposit shared ownerships at the moment so the business isnt split between many lenders. 

What lender is it?  

Zac1234

Hi Deleted_User,

The rep has said that there is only one lender who will lend against the property, mortgage provided by Darlington. Is he correct in saying that no other lenders will? It just the interest rate is 4.19%. It’s a new build of flats which have been renovated from an old block of offices. He was saying he was adamant that he knows no one will lend against the property except that provider 

[Deleted User]

Its impossible for anyone to know who hasnt done applications on site.  It might be that they know that other lenders dont like something about the property.   If its got an EWS1 issue then they might know that Darlington havent asked for paperwork and the others have. This would mean you can only get a mortgage with Darlington but on the flip side there might be a problem that they are trying to sweep under the rug

What's your loan to value?  Darlington aren't usually that high in comparison to other lenders

ACG

Nobody on here knows the answer to that. 
You should find a broker and ask them to look into it for you.