If
you are looking for a mortgage bear in mind that as well as
classing some borrowers as high risk, lenders also class some
types of property as more risky than others.
These
include high rise flats, flats with short
leases, flats above shops, and ex-council
or local authority property.
Although
it might be more difficult to get a mortgage on these types
of property it is not impossible and a mortgage broker should
be able to recommend lenders willing to take the risk.
Mortgages
for High Rise flats
Lenders
generally don’t feel comfortable offering mortgages on flats
in blocks reaching six or seven storeys high
or flats located above a certain floor.
A bank or building society's willingness to lend on a high rise
flat depends on a number of factors assessed by its valuer.
These are likely to include the building's age, structural quality
and standard of maintenance.
In the past some tower blocks were constructed out of concrete,
and if it were in poor condition, this would affect its marketability
and how easy a lender would find to resell it in the event of
repossession.
Valuers also consider service and maintenance charges and, as
with any other home, the property's location in relation to
transport links, shops and schools.
In
the case of ex-council high rise flats, the
make-up of the block would also be taken into consideration.
It
may be a mix of owner- occupiers and council or housing
association tenants.
Usually,
lenders will prefer it if your neighbours are all, or mostly,
owners.
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