Mortgages on walk up properties

Posted by ClaireG (237 days ago)

Hi
I want to buy a walk up but i've heard it's hard to get decent mortgages for them. any ideas on who is giving the best deals right now?
thanks!
Claire

Posted by walkup (236 days ago)

You can get a mortgage from all the banks, but HSBC is relatively mean with its valuations compared to the purchase price. You can try Bank of China who will give a higher loan amount it has been reported.

Posted by Saikunga (236 days ago)

call mreferrals.com - they will help you find the best bank to deal with.

Posted by gasgal (236 days ago)

Hi Claire G,

You have to try to get a BV close to Sale Price on older flats as valuers are WAY off the mark. They work for the big Wing Fing Ding developers I think...also some banks won't lend if age of property + mortgage time exceeds 50 years.... Keep pushing them though. They've (the banks) loosened up over the last 4 years. Tell them other rival banks are OK with older properties showing great yields and push them a bit. I am in same boat as you. Let me know if you find a good lender on older flats in central AND a realistic valuer! Love to share notes.

Ta.