s.106 / Local Persons restriction on house / mortgage

[appletot]

Hello - does anyone know anything about getting mortgages on houses with Local Persons restrictions? We are locals and qualify for the restriction, but we don't know how hard it is to get a mortgage on a house in these circumstances. I've read that they are sometimes capped at £250,000? And that they are generally harder to get? And therefore more expensive?

Hi, I’m a broker I’ve just had a look and there seems to be a handful of lenders who would consider this subject to valuers comments, a few would cap at 75% loan to value.

I own a property with such a restriction. Got a mortgage with Nationwide with no problem, although that was a few years ago. I seem to recall that Halifax, Leeds building soc and Skipton building soc would also lend on these.

I don't think it's necessarily more expensive, there are just fewer mortgage lenders to choose from.

Thanks both of you.