Finding a mortgage company

[Louise]

Hi,

I have been reading this forum with interest since falling in love with a period property, its a Victorian 3 bed semi (1883).

We approached our current lender Alliance and Leicester and having paid for a valuation (having told them it was single skin, which they said was fine) they have now said they won't loan as it is not of suitable construction, and so far have been unable to get more detail as to why it is unsuitable.

Can anyone recommend a mortgage company who would be more sympathetic? Here's hoping to turn a dream into reality.

Thanks

 

[Flyfisher]

I wouldn't worry too much about the 'unsuitable' construction; I suspect this just means it's unsuitable for their own lending criteria rather than being a judgement of the property itself.

I would start by phoning around the main players, explain the construction and ask if they will lend against such a property. but insist that they check properly as the average branch manager might not know for sure.

Could you ask the current owners who their lender is, assuming they have one?

 

[Manks]

Louise

I can put you in touch with someone who will be able to find you a choice of mortgages. I would wager that they will be cheaper than A&L too.

I must declare an interest, as the broker is a company that I do business with. But you will get good value and a decent product.

Feel free to PM me if you wish and I will provide details.

Manks

 

[Anita]

We used Standard life bank and had no problems at all - despite our listed property being single skinned, having a spreading roof / bowing out wall, damp and a bit of dry rot for good measure!

Granted, we had to supply a structural report (that had been prepared ready for the sale of the house, and which was included with the property sale details) and a budget of our planned expenditure and proposed works.

We weren't lending a big percentage of purchase price - so I suppose the site itself would have been worth more than the actual amount borrowed and this might also have had something to do with the ease of obtaining the mortgage of our choice.

However getting insurance ............that was a different matter altogether! Standard life bank wee perfectly happy to loan us money to buy the house - but would not actually insure it
Speaks volumes - doesn't it?

 

[sarahj]

We moved here and got a mortgage with no problem from Skipton - not even any pressure to do damp work. We have jsut come to the end of the fixed rate deal and remortgaged with Nationwide - they didn't even do a survey of ANY kind, and we are 170 years old and G2 listed!

Sarah

 

[Louise]

Hi,

Thanks everyone for your replies, they are all really appreciated. I am going to try the main players and having had a mortgage from Skipton years ago will approach them too.

I think you are right about just being unsuitable for A&L but having been a customer of theirs for over 10 years had thought that might count... naive I know now!

Fingers crossed as its going to auction that there is hope yet.

Louise