Has ANYONE been given a mortgage for EWS1/B2 property?

SophieMary

We are attempting to sell our flat. Potential buyers are hitting blocks with mortgage lenders. 
Although we have a start date for works, and confirmation of funding (from the government), they are still unable to find someone to give them a mortgage..

Has anyone been in a situation where they have been granted a mortgage on a flat that scores a B2 on the EWS1 form?? Otherwise everything will have to go on hold until works are completed and we obtain a new EWS1 for.. which  would probably be Summer 2022 at the earliest. 

Any advice/help is appreciated!!
Thanks

[Deleted User]

Problem is until the work is completed and there are certificates for everything it's still possible that big bills are coming and the flat is worthless.

You will probably have to wait until the work is complete or accept a very small cash offer.

Crashy_Time

Don`t think you can do much until the work is completed.

BirchFozz

SophieMary said:

We are attempting to sell our flat. Potential buyers are hitting blocks with mortgage lenders. 
Although we have a start date for works, and confirmation of funding (from the government), they are still unable to find someone to give them a mortgage..

Has anyone been in a situation where they have been granted a mortgage on a flat that scores a B2 on the EWS1 form?? Otherwise everything will have to go on hold until works are completed and we obtain a new EWS1 for.. which  would probably be Summer 2022 at the earliest. 

Any advice/help is appreciated!!
Thanks

Would love to know how it went? 

We were rated A3 due to wooden balcony - so no one could get mortgages etc. the works have been completed now, but I believe lenders are still being difficult despite it. 

We’re currently awaiting the result from our buyers valuation / lender feedback. We’re keeping our fingers crossed…

K_S

BirchFozz said:

SophieMary said:

We are attempting to sell our flat. Potential buyers are hitting blocks with mortgage lenders. 
Although we have a start date for works, and confirmation of funding (from the government), they are still unable to find someone to give them a mortgage..

Has anyone been in a situation where they have been granted a mortgage on a flat that scores a B2 on the EWS1 form?? Otherwise everything will have to go on hold until works are completed and we obtain a new EWS1 for.. which  would probably be Summer 2022 at the earliest. 

Any advice/help is appreciated!!
Thanks

Would love to know how it went? 

We were rated A3 due to wooden balcony - so no one could get mortgages etc. the works have been completed now, but I believe lenders are still being difficult despite it. 

We’re currently awaiting the result from our buyers valuation / lender feedback. We’re keeping our fingers crossed…

@birchfozz If the works have been done and a fresh EWS1 issued with an A1/A2/B1 rating, your buyers should have no issue getting a mortgage.

If the works have been done but the man.co. is still in the process of getting a fresh EWS1, that's where things can get more complicated as valuers will rarely take any other evidence into account.

BirchFozz

Yes this is the issue we just had a £0 valuation from Connells. So in this instance it’s not even getting to lender, in fact we were told by broker than the lender supposedly is aware of the predicament but is open to lending based on the work and the letter certifying the works too.