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Refused mortgage on an ex local authority property

(4 Posts)
Exoticpurple Tue 28-Jul-15 00:24:30

I would like to buy an ex local authority maisonette. I have an independent mortgage broker who is assisting me. My mortgage broker has asked me to seek help from CAB. But I really can't see what advice they can give other than try to find a lender who is willing to loan and it is difficult to get an appointment with them.

So far the mortgage broker says he has exhausted his avenues in terms of lenders.
A month ago he found a lender who agreed. However the lender's surveyor has informed the lender that the block the property is on consists of 75% local authority residents, so the mortgage has fallen through and the lender has retracted their offer. It's not a huge mortgage (60K) and I'm desperate.
Is there anything else I can do?

Swifey Tue 28-Jul-15 00:30:55

Go to another broker!! Ask your local estate agents who they use!

Exoticpurple Tue 28-Jul-15 10:55:17

I really wish it was that easy swifey. I'm afraid our situation is quite complicated and may mean those involved will lose their home.

lighteningirl Sat 08-Aug-15 07:04:18

Don't buy it with 75% LA residents it's a bad buy that's why no one will lend on it. You will be part of 25% of owners at total mercy of LA in terms of maintenance repairs etc.

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