Balcony Refused Mortgage!

[ilovesouthlondon]

Has anyone been refused a mortgage on a flat because it has a balcony which has "road access"? When I say road a mean a normal road near a normal flat! Most front doors have "road access" so that you can get in the property, so I dont understand this at all! Trying to find out just how common this situation is...

Eh wtf I’ve never heard of this.
Who’s the lender?

www.nicheadvice.co.uk/mortgage-on-properties-with-balcony-access-and-deck-access/

Apparently it's a thing.

Is this a ground floor flat?

Second floor flat in a block of 5 floors. TSB bank. Gets weirder...apparently a new build balcony may have been accepted but not ex local authority..

I don't understand. What is balcony access and deck access (surely millions have homes have decks like patios??)

So balcony access means a balcony that goes around the side of the properties, with front doors opening out on to the balcony, I think.

@Lougle

So balcony access means a balcony that goes around the side of the properties, with front doors opening out on to the balcony, I think.

Yes I just looked it up because I was confused, that’s what it appears to be. Front doors from a communal walkway/balcony. Basically it’s common in large ex council blocks of a certain age, which might be the only reason that some lenders won’t lend. Unless there’s some common structural problem.

It's quite a common issue with flats (ex-council) of a certain age (see attached image for style I mean).
I assume that structurally there must be something of concern for them to refuse to lend across the board.

I cant see what the concern is because they should then be concerned about the front door and windows! Their ok with new build balconies...I wonder if this is because people are steering clear of new builds at the moment? These people are all in each others pockets, so I wouldn't be surprised if this is a strategy to encourage more new build sales. It's ridiculous!

By the way I think TSB were on about the private balcony in the property with door access from the lounge.

@ilovesouthlondon Guessing the property you're looking to buy is ex local authority?

It's not me buying,but yes it's ex local authority.

They will be worried about the quality of the concrete used in the construction of the balconies. Lots of problems in older buildings of this type that are very expensive to fix. If you own a flat in the building you’d be responsible for a share of the costs. I would avoid.

We had a mortgage refused for this type of building. We went to a mortgage broker who found us a new mortgage. Don't worry, you will find someone to lend to you.

Thanks I'll tell my friend this. She did find other lenders who would lend but on a higher interest rate, purely because of the (ex LA) balcony

It'll be a concrete (and possibly asbestos) thing if pp's picture rings a bell.

I was refused a mortgage because the flat was above a (pet supply) shop. It wasn't zoned for takeaway but apparently the bank said it 'could' be in the future!
But in another area most flats are above shops and it's not a problem.
A broker will source an appropriate mortgage for your friend.

I bought a property like this a few years ago (also ex-LA). Got a mortgage through the Halifax who didn't seem to have any issues with the balcony access.

I've also just been turned down by the TSB on a house purchase because of a little bit of cladding on one part of the house. I think they might be one of the fussier lenders...

Thanks for athe advice changingwiththetimes. I agree with mmmwwwggg, I think TSB are extra fussy!

Yes, it's not the presence of a balcony per se, but the fact that that particular building type with the balcony access was typically constructed in some way or with particular materials that make it too risky to mortgage .