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Remortgage studio flat in Sheffield
shazmonmove
Posts: 1 Newbie
HI
We bought a flat around 2008 in a 6 floor block and have had no issues until now with remortgage. I am on a variable with Jasper Mortgages who do not offer new products. I tried to remortgage and was told that lenders do not like Studio flats, where there is a takeaway on the ground floor, a fuel station nearby. How can Mortgage companies refuse to lend in such circumstances. Help needed. My mortgage is less than 60% LTV.
Is this really the position where i need to stay on a variable which will just escalate?
Grateful for any advice.
We bought a flat around 2008 in a 6 floor block and have had no issues until now with remortgage. I am on a variable with Jasper Mortgages who do not offer new products. I tried to remortgage and was told that lenders do not like Studio flats, where there is a takeaway on the ground floor, a fuel station nearby. How can Mortgage companies refuse to lend in such circumstances. Help needed. My mortgage is less than 60% LTV.
Is this really the position where i need to stay on a variable which will just escalate?
Grateful for any advice.
0
Comments
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@shazmonmove BTL or residential?
There are lenders who will consider studio flats (usually subject to a minimum sqft depending on the specific lender).
Assuming it's a city flat, the cafe on the ground floor or the petrol station nearby shouldn't by themselves eliminate all your mortgage options.
I would recommend getting in touch with a whole of market broker who can give you a realistic idea if your mortgage options, if any.
Please see here for MSE guidance on how to find a broker
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3I 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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