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  • Mortgages & Finance

    Lending against ex council high rise help....

    Hi guys would anybody be able to help a friend of mine is trying to buy his ex council property it's not a high-rise as in the standard meaning it's basically three floors up

    but 2 high street lenders have been out and classified it as that and won't lend on it despite it having LTV of 50% and the applicants being able to easily afford the mortgage

    are there any lenders out there that are friendly towards lending against ex council properties? Thanks
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    Yes, there are.  If your friend contacts the experienced broker team at Property Tribes Financial Services on 01206 654444, I am sure they will be able to help. Smile

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    He really should ask that question of a broker. It's their job to know the market.
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    Hello Movieman,

    No problem at all, drop me an email and I'll get you on track. 

    All the best
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    Financial Consultant working with Property Tribes Financial Services.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@ptfs.co.uk

    As Austyn rightly says (for a proactive mortgage broker) "no problem at all".

    You say " ... but 2 high street lenders have been out and classified it as that and won't lend on it despite it having LTV of 50% and the applicants being able to easily afford the mortgage.  Are there any lenders out there that are friendly towards lending against ex council properties?"

    One common misconception is that the LTV and affordability are the fundamental factors.  Not any more.  Consider a lenders criteria as a (very large) jigsaw puzzle, and "LTV" and "affordability" as just two pieces of the jigsaw.  They, in isolation, do not make up the whole picture.  Other 'pieces of the jigsaw' also include;

    • property construction type
    • site exposure
    • desirability
    • values
    • rental ICR's
    • via a sourcer, or an estate agent, or private
    • whether ex-local authority, or new build, or listed, or high rise, how much land,
    • age of applicant
    • first time landlord? experienced landlord?  portfolio landlord?
    • UK resident?
    • minimum income
    • if BTL, whether it has ever been lived in by the applicant
    • aggregate portfolio size
    • credit position
    • etc
    • etc
    • etc

    And this list is not exhaustive!

    The mortgage landscape is ever changing with lenders and products being launched, withdrawn and amended all the time. 

    At https://www.PropertyTribesFinancialServices.com the Team (including Austyn) are always on top of these changes as we receive numerous daily updates via email, but also we welcome many BDMs / Relationship Managers in to our offices all the time too.  We also have an excellent support desk providing market assistance as well.  And of course, we don't only work with the high street lenders but also a myriad of specialist lenders and we can also provide our Clients with access to many exclusive arrangements too.

    As Alison King mentions above, the first port of call should be a discussion with a recommended and experienced Broker

    Hope that helps.



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    Thanks guys I have passed your details on to him
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