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Mortgage for Listed High Rise (10 floor) Block

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  • Mortgage for Listed High Rise (10 floor) Block

    I am hoping to sell my current property and would like to be able to buy a flat in a 10 story block on the Alton Estate in Roehampton that is grade II* listed, concrete constuction, but well designed and built.
    I would have a 40-50% deposit and would need to borrow 2-3 times my salary, does anybody know of any lenders who would be worth speaking to, and that wouldn't look on it as just another high rise?
    I am assuming people are able to obtain mortgages on other blocks - the Barbican Estate, Trellick Tower, possibly Balfron Tower - that some would consider architecturally significant...

    Any advice much appreciated.

  • #2
    Re: Mortgage for Listed High Rise (10 floor) Block

    At that loan to value there is a large percentage of mortgage lenders that will lend on your next purchase.

    If you have the time and inclination to find the best mortgage yourself then let me know and I'll talk you through what you need to look out for.

    If you don't then it's worth using a mortgage broker. Use a broker that is independent and if you prefer face to face then go to a local recommended broker.

    Hope this helps

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    • #3
      Re: Mortgage for Listed High Rise (10 floor) Block

      Generally speaking if other people are living there then you ought not to have a problem in the raising of money against this. As previously said with the high deposit you have that is a great start and also only needed a low income multiple for the mortgage you ought to be picking which mortgage deal you want.
      Anthony
      Compare the Mortgage Market
      http://www.comparethemortgagemarket.com

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      • #4
        Re: Mortgage for Listed High Rise (10 floor) Block

        The only note of caution I would add is not about finding a mortgage but about subsequently finding buildings insurance. Most mainstream insurers exclude listed buildings because the cost of rebuilding is complicated by the requirement of English Heritage, and so you might have to go to a more specialist firm for your insurance.

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        • #5
          Re: Mortgage for Listed High Rise (10 floor) Block

          High Rise concrete constriction is still difficult to finance, try RBS and Nationwide who will usually lend so long as the property is suitable security for the loan
          Large mortgages and High Net Worth Mortgages from enness private clients

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          • #6
            Re: Mortgage for Listed High Rise (10 floor) Block

            Lenders dont to loan on high rise.
            BRAND NEW HOMES
            Information for UK new home buyers
            New Home Blog The latest news and views

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            • #7
              Re: Mortgage for Listed High Rise (10 floor) Block

              Lenders will lend on high rise is the location and demand is ok. Some lenders will lend on anything at a high rate (Blemain @ circa 10% for example) some highstreet lenders will at more reasonable terms as noted above
              Large mortgages and High Net Worth Mortgages from enness private clients

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