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Valuation of £0 need advice
Comments
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Similar blocks close by?0
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Yes in the next road, 3 blocks some of them are also broughtThrugelmir said:Similar blocks close by?0 -
I spoke with my mortgage advisor who said since the Grenville flats fire, lenders have got stricter on criteria for flats0
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So now there are no lenders we can go to apparently.. looks like its the end of the road for us0
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Why don't you try a different mortgage adviser, one who specialises in RTB. I can't see that you have much to lose at this point.
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The point about 'right to buy' properties, though, is that you can get an exceptional discount. It's something I'm considering myself at the moment as the discount is exceptional. Unfortunately, though as you rightly point out, it does remove social housing from the register. I have to console myself with the fact that where I live, lots more social housing is being built.Voyager2002 said:Try asking your neighbours which mortgage lenders they used. Or ask a broker to help.
Alternatively, leave this property as social housing and buy somewhere on the open market.
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
@sammyj84 I must say I would be surprised if this is indeed the case. I would strongly recommend getting a second opinion. From experience, I can confidently say that it's unlikely that an RTB property is "un-mortgageable" with the usual size of the discount - at least 50% for flats with 3+ years occupancy.sammyj84 said:So now there are no lenders we can go to apparently.. looks like its the end of the road for us
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Spoke to her again today and she has said there is no other lenders that will lend.
They will with deck access if the property is worth £150k or more ours is worth £110.
Really dont know what we cam do now0 -
@sammyj84 I'm assuming the LTV is 50%? How many floors, which floor is the property on?
With RTB purchases, it's all about getting the purchase sorted, even at non-mainstream rates if needed. Remortgages are usually far less hassle and you can potentially get a better rate at that point.
Again, if your broker has said that there aren't any mainstream options available, that's understandable. But if she's saying it's un-mortgageable at 50% LTV, that's harder to accept.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Is your broker local to you or is it a national/internet firm?
You would expect a local broker to have experience of properties in your area and with something like this, experience counts. If its a national/internet broker then they like to cherry pick and often give up at the first sign of trouble.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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