Mortgages for ex council flat

clueless1

Is it still possible to get a mortgage for a ex council high rise flat?
I have a two bed room ex council flat on the forth floor of a eight storey building. My flat is in zone 2 London. I would like to put this on the market but not sure if it is worth it as it may not be mortgage able and I would still incur costs for HIP and estate agents etc which I can hardly afford.
I know that my property does not fit into most lenders criteria. My current mortgage lender gave me my mortgage without viewing the property because of the LTV but I doubt that potential buyers will be that lucky enough to be in my position. Will the lender be more willing to lend if the property is already mortgaged with them?
Who are the companies that lend on these properties?
I would also love to hear from any ex council high rise flat owners who whould like to share who they have their mortgage with?

Gloster_Advise

clueless1,

Unfortunately you are in a situation whereby I could count the number of lenders on one hand who would do an 8 storey ex local high rise.

Dependant on your loan to value will determine lender availability. High street lenders will still lend on this, again depends on the ratio of council tenants too private tenants.

Is still likely to sell clueless and is mortgageable, but get to a broker ASAP to find out all the details via the land registry etc.

Regards
Si

Mr_helpful

In my opinion the sale of many of these flats was criminal as people were not told of the implications about sharing the cost of repair. many of these flats are in post war systems built concrete construction. Some right to buy tenants have seen maintenance bills over 10K.
Having said that there are lenders who still may look at them though not that many. They are sometimes popular with b2l investors who see them as good cashflow for a relatively cheap property.

AliceBanned

I am currently looking for a R2B mortgage and it isn't easy in the current market - my flat is second storey of two only, but concrete build from 1962 in Hertfordshire. I will let you know if I have any success, and with which mortgage lender, but the nature of the construction is what is holding things up at the moment. I have had interest from First National, Abbey, and GE Capital Home Loans so far, but nothing substantial.

Yours situation is different and being in zone 2 in London should guarantee you rental income at least if you wanted to buy to let - I find it hard to believe that it would not be saleable in the future so it is shocking if no lender at all will look at it, especially if you get a good LTV.