What is my property type? Does my mortgage gets declined?

MWT

I would suggest you start taking to a good broker about your options.

If you don't already have a broker in mind then you've already had two good ones reply to this thread, they cannot approach you to offer their services under the rules of this forum, but you are free to reach out to them if you wish...

jaafaar

one more critical question, the valuation guy from the NW told  the owner on the physical evaluation day that the mortgage goes through as this building is quite new (12 yrs old) and it is in an excellent condition. He did not mention anything regarding the coach house to the owner...

does this really true? or the evaluation guy just said something

MWT

jaafaar said:

one more critical question, the valuation guy from the NW told  the owner on the physical evaluation day that the mortgage goes through as this building is quite new (12 yrs old) and it is in an excellent condition. He did not mention anything regarding the coach house to the owner...

does this really true? or the evaluation guy just said something

I would take that as a clue that the valuation itself was OK, so he did not think it was over-priced.

Another reason to hang on a little longer, but I don't see how any surveyor who has visited the property can fail to mention that it is not a detached house, but miracles do happen...

Keep in mind that you will want to sell at some point so this issue can catch you selling as well as buying as your future purchasers will potentially have the same concern...

jaafaar

MWT said:

jaafaar said:

one more critical question, the valuation guy from the NW told  the owner on the physical evaluation day that the mortgage goes through as this building is quite new (12 yrs old) and it is in an excellent condition. He did not mention anything regarding the coach house to the owner...

does this really true? or the evaluation guy just said something

I would take that as a clue that the valuation itself was OK, so he did not think it was over-priced.

Another reason to hang on a little longer, but I don't see how any surveyor who has visited the property can fail to mention that it is not a detached house, but miracles do happen...

Keep in mind that you will want to sell at some point so this issue can catch you selling as well as buying as your future purchasers will potentially have the same concern...

You are right. I may stay a little bit longer, and if not I will chase you for the mortgage. My next move must be without error, I cant risk it, so it must be with an experienced broker!

The BIG advantages of Coach houses are that they are pretty large compare to other flats and houses for a much lower price! (as some dont like noise of cars in their houses). Thats why my wife likes it.

Today when I log in to my NW application, it shows this

``There are no active applications associated with that email address.''

What does this means?

jaafaar

My mortgage with NW got declined :'(

Im going with Barclays as I cant afford a broker.

Any suggestion?

jaafaar

The labelled it a a flat not house

K_S

jaafaar said:

My mortgage with NW got declined :'(

Im going with Barclays as I cant afford a broker.

Any suggestion?

Sorry to hear about the decline, but it was to be expected given that NW don't lend at 90% on flats currently.

@jaafaar You don't need to forgo a broker because you can't afford it. Plenty of recommendations on the MSE page for fee-free brokers. https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

MWT

jaafaar said:

My mortgage with NW got declined :'(

Im going with Barclays as I cant afford a broker.

I think Barclays may have a limit of £220k on flats over 85% LTV... not sure if that is still the case and equally not sure if that value is a problem for you anyway...
I would certainly suggest using the link K_S gave you to find a on-fee broker.

K_S

MWT said:

jaafaar said:

My mortgage with NW got declined :'(

Im going with Barclays as I cant afford a broker.

I think Barclays may have a limit of £220k on flats over 85% LTV... not sure if that is still the case and equally not sure if that value is a problem for you anyway...
I would certainly suggest using the link K_S gave you to find a on-fee broker.

That is indeed correct. Max loan amount on a flat at 90% LTV is currently 220k for Barclays.

jaafaar

Thanks a lot for your kind reply.

By looking at Barclays, it says:

``There are some property types which are not deemed suitable security for the Barclays Group and so in all cases lending will be declined. These scenarios are listed below:

• Demolish and rebuilds
• Freehold flats and maisonettes
• Ex-local authority high-rise flats over 7 storeys
• Properties classed as ‘houses in multiple occupation’ where a licence from the Local Authority is required
• Live-work units
• Self-builds''

A free hold coach flat house could be categorised as a free hold flat, am I right?

Do you think I must forget this property?

Please note that this property, its current mortgage is with the Barclays.