mortgage for a flat in a 12 floor block

happy_chick_3

Does anyone know where I can get a mortgage for a flat in a 12 floor block?

I've found a really great flat within my budget and, with the credit crunch, a lot of banks have started to tighten up their lending criteria and high rise blocks are one of the properties to suffer. Also, does anyone know why blocks of flats are viewed as a riskier investment?

Cardinal-Red

I know from conversations that there is an apparent over supply of flats, especially city centre ones - numerous cities around the country with huge swathes of empty flats and people (developers) are trying to get local authorities to buy them as the only way to shift.

As one of the main drivers behind rampant House Price Inflation is perceived "undersupply" it stands to reason that a sector suffering huge over supply would be most vulnerable to price drops.

cells

you will find it v.v.v.dificult to get a mortgage for a flat on the 12th floor. near impossible.

poppy10_2

A tall story

Flats in high-rise blocks can be problematic, too. Some lenders impose lending restrictions on blocks reaching six or seven storeys or flats located over a certain floor. Northern Rock and Norwich & Peterborough won’t always lend above the fourth floor; Bristol & West, Leeds & Holbeck and Yorkshire Building Society refuse loans on properties above floor six; and Mortgage Trust above floor seven.

Abbey is another lender that treats tower blocks with caution. Spokeswoman Jane Reynolds explains: “It is essentially down to two things: the physical condition of the building and its marketability. In the past some tower blocks were constructed out of concrete, and if it were in poor condition, this would affect its marketability. Each case is assessed on its individual merits, however.”

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