I am looking for a mortgage on a privately owned ex council flat that is for sale in a council high rise block?
Thursday, May 28th, 2009 at
2:59 am
and I am having a little trouble finding a mortgage.
Can anyone advise on where I can go to get a mortgage.
This is a 15 storey high rise, and the flat I am interested in is on the third floor.
Thanks for any replies.
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Tagged with: Council Flat • Mortgage • Rise Block
Filed under: flat mortgage
check your phine book for local independent financial advisers.
they should be able to at least recommend some options.
I don’t know your personal circumstances so what ever I say can only be in general terms.
As you have found already ~ there is a problem with mortgages throughout the country at the moment.
I take it that the Council owns the 15 storey block, and have at a certain time, agreed to sell off one of the flats, which now you wish you buy from the owner?
I would start by contacting the Council, either the Housing department, or their Financial Services department, and explain your position ~ it may be that they would prefer to have a responsible person move into the block that they own, than perhaps someone who just gets a “dodgy” mortgage.
There are more questions here for me to ask to be able to give any sort of direct advice ~ but I would certainly start with the Council as they have contacts who may be able to help you.
these are the most difficult properties to get mortgages for as the flats do not increase in value over time…they lose money…look on the internet..ideally do not buy as you may have a lot of costs over the years if the whole block needs new windows, a roof etc.
Dont buy it ! Mortgages are difficult at present, but even when they were begging to give any one and everyone a mortgage, to get one on a block of flats with more than 6 floors was very hard.
As a result when the market returns , this type of property will be the slowest and will rise in value the least. Buy somewhere else.
Check your local independent mortgage broker for advise. An independent mortgage advisor will find you the mortgage that suits your needs as they will be able to check all the banks and building societies.
I used Mortgage Broker Finder (see source) which gives you lots of agencies in whatever area you want. Also check the reviews, it will save you time and lets you find the one that suits you.