Can’t get mortgage on 12th floor flat, should I buy cash?Make Text Bigger
I have seen a flat for sale in South London, a few stops away from London Bridge, so excellent location.
It is advertised at £210,000 – Cash only.
This is an amazing price and based on the rent it would generate, a good solid rental yield.
Now my concern is that this flat is on the 12th floor of a 15 storey block. According to the agent, no lender would lend on a flat above the 5th floor, hence cash only. I have done some research and it seems the main reason why they won’t lend is due to it being harder to offload if they have to repossess. I can live with this, but is there any other reason?
I am in a position where I could get the cash together as this is a really good deal, but I would like to know if there are any problems in purchasing a flat so high up. (Must be a problem if a lender wont secure it?).
Also the block is managed by the council, as opposed to a management company. Any advantages/disadvantages here?
Interested to hear thoughts.
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