Town centre apartment mortgage.

Tufty06 · 10 December 2019 at 3:47PM

I have been trying for months to remortgage my town centre apartment, thro various "whole of market" brokers, who all tell me the same thing.

Lenders are not lending against town centre properties above shops and restaurants.

Does anyone know when this might change???

[Deleted User] · 10 December 2019 at 3:58PM

Once they are seen as desirable from a lenders perspective is the only answer you will get. Data obviously shows that they are harder to shift when a repossession takes place (although that may be a self fulfilling prophecy when its difficult to finance them)

It depends on whats underneath them. I do quite a few town/city centre apartments under retail units.

What does yours sit on top of?

kingstreet · 10 December 2019 at 3:59PM

It is unlikely to change in any significant fashion. There has been little appetite for flats above commercial premises for as long as I can remember.

There are one or two high street lenders who consider it, subject to valuer's comments and a few off-high street lenders who look at such cases.

Flats above take-aways, restaurants and dry cleaners are amongst the least mortgageable due to difficulty in shifting them post-repossession.

Town centre apartment mortgage.

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