Mortgage valuer states the property is "not suitable security".

Reaper495

lookstraightahead said:

You are asking them to lend you money.

if you asked two people on the street to lend you money, one might, and one might not. 

How do you know it's going to be 5 years? You might not be able to sell it in 5 years time.

I'm sure there was another thread similar to this before Christmas .

The 5 years idea was only a rough time line for when we would like to move on.

The area is considered a desirable area so I don’t think it will have any issues…if a cash buyer comes along.

Snookie12cat

Reaper495 said:

K_S said:

@reaper945 It's unfortunate, but different lenders have different criteria when it comes to high-street flats above commercial. 

The valuer commissioned to do the valuation will judge the property differently based on the lender. This is an excerpt from the manual that Nationwide issues to valuers on how to assess flats (maisonettes also fall under flats) near commercial for a Nationwide mortgage. As you can see, there is a lot of subjectivity involved and there are plenty of reasons why they could judge the property to be unsuitable security for Nationwide.

Flats above commercial will always be more difficult to mortgage than a standard one, but for one that's close to an underground station you *should* be able to get a mainstream mortgage relatively easily. I rarely come across similar high-street above-commercial flats in London postcodes that couldn't be mortgaged at mainstream rates.

Thank you very much for the very detailed reply and screenshot. 

So the property in question is a 1st floor maisonette and beneath it is a ground floor maisonette, so it’s not above the restaurant/business etc.

The train station mentioned in my initial post, time 2 mins on your phone/watch and you will reach the station. That’s how close it is.

The property is situated in a small town and the most “rowdy” part of it is the school run lol

Sounds like it's immediately adjacent though. Not to every lenders taste, but there are loads who will not care. 

Reaper495

K_S said:

Reaper495 said:

K_S said:

@reaper945 It's unfortunate, but different lenders have different criteria when it comes to high-street flats above commercial. 

The valuer commissioned to do the valuation will judge the property differently based on the lender. This is an excerpt from the manual that Nationwide issues to valuers on how to assess flats (maisonettes also fall under flats) near commercial for a Nationwide mortgage. As you can see, there is a lot of subjectivity involved and there are plenty of reasons why they could judge the property to be unsuitable security for Nationwide.

Flats above commercial will always be more difficult to mortgage than a standard one, but for one that's close to an underground station you *should* be able to get a mainstream mortgage relatively easily. I rarely come across similar high-street above-commercial flats in London postcodes that couldn't be mortgaged at mainstream rates.

Thank you very much for the very detailed reply and screenshot. 

So the property in question is a 1st floor maisonette and beneath it is a ground floor maisonette, so it’s not above the restaurant/business etc.

The train station mentioned in my initial post, time 2 mins on your phone/watch and you will reach the station. That’s how close it is.

The property is situated in a small town and the most “rowdy” part of it is the school run lol

@reaper495 As Kingstreet mentioned, it's simply not a property that should have gone to Nationwide. Based on the description, it should be fairly easy to place even if NatWest don't reconsider. Hopefully the two application hard checks don't have too much of an impact in the near term. Good luck!

Ah well, damage has been done now with Nationwide but fingers crossed with NatWest.

Thank you very much. Need all the luck I can get right now haha

Kakes88

Hi @Reaper495 - Just curious as to whether you managed to get your mortgage accepted in the end?