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Mortgages for ex-council / former Local Authority flats and Houses
Ex-council property tends to offer more space for your money than privately built property.
Generally they were built to a very high standard. They were well designed by enthusiastic architects with good use of space. The quality of materials used was also high.
This matters because common issues with flats such as problems with noisy neighbours are often not as bad as in some private developments.
During the building works for council houses and flats there was stringent quality control at every stage. But with private developments there was usually less quality control - that went with the desire to make a fast buck.
Despite this some lenders are not keen on properties previously owned by the local authority.
What
you have to bear in mind is that mortgage lenders are very conservative.
They move slowly and could be said only recently to be just
about catching up with the idea that people could buy their
council properties.
Their reservations are to do with the ‘construction
and marketable value’ of the property. With some high
rise flats the concrete after 50 years may now be an problem.
The other major factor is how many other owner-occupiers there are in the building will also be taken into account.
Much depends on the particular property you are buying: decisions tend to be made on a case-by-case basis so it's important to do your research carefully before choosing a property.
Low-rise blocks with a high proportion of owner-occupiers shouldn’t be a problem but if you want to buy a high rise flat with plenty of council tenants in the block you might struggle to find a lender who will give you a mortgage at a decent rate
Advice from a mortgage broker about which lenders to approach could make all the difference.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read On
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Risky properties
• High rise flats
• Short lease
• Flats above shops
• Ex-council houses and
flats
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