Getting Mortgage for Ex-Council Property

100eyes

Hi everyone,
So I spoke to an EA the other day and he told me that banks don't want to lend on high-rise ex-council properties and I wouldn't be able to get a mortgage for that. With all the cladding scandal / EWS1 issues I kind of get it. However, I'm wondering if there are any issues getting a mortgage for a low-rise, brick ex-council block? I was quite interested in looking at some of those and would greatly appreciate some advice.
I have about a 50% deposit already, so would be looking to get 50% mortgage.

Many thanks!

davidmcn

No problem in general with ex-council properties, it's high-rise ones which are problematic (and already were before Grenfell). Some lenders might have concerns about marketability if it's an area which is still mostly social housing tenants.

100eyes

davidmcn said:

No problem in general with ex-council properties, it's high-rise ones which are problematic (and already were before Grenfell). Some lenders might have concerns about marketability if it's an area which is still mostly social housing tenants.

That's very helpful David, thank you.

K_S

100eyes said:

Hi everyone,
So I spoke to an EA the other day and he told me that banks don't want to lend on high-rise ex-council properties and I wouldn't be able to get a mortgage for that. With all the cladding scandal / EWS1 issues I kind of get it. However, I'm wondering if there are any issues getting a mortgage for a low-rise, brick ex-council block? I was quite interested in looking at some of those and would greatly appreciate some advice.
I have about a 50% deposit already, so would be looking to get 50% mortgage.
Many thanks!

@100eyes At 50% LTV, you should have options for the property described.

Setting aside cladding issues, even high-rise ex-council flats in/around places like central London are in most cases mortgageable as well, though potential lenders are usually limited.