Even if they do get the mortgage, the resale value may be poor if mortgage lenders continue to shy away from the property. However, sellers of properties despised by lenders but structurally sound may take heart from the continuing recovery in the housing market. They found the lending institutions would only come to a decision after they had sent a valuer in, which cost pounds 100-pounds 200 a visit. Finally they approached John Charcol, a mortgage broker in London, which persuaded the Halifax to lend on the flat “The Halifax saved our lives.
They’ve got a database of buildings and seem to be able to distinguish on an individual basis rather than general rules,” Mr McBride said.Walter Avrili, operations director for John Charcol, said: “The benefit of going through a mortgage broker for non-standard properties is they can save you time and money They know which lender will do what. National & Provincial building society, shortly to become part of Abbey National, said it would lend against the property, but changed its mind when it found out the McBrides were retaining another mortgage on a property they had been unable to sell.Mr McBride notes the managing agents were able arrange insurance for the building without any problem. “If the insurers had no problem insuring the property, why won’t the lenders lend?” he asked.The problem has cost the McBrides hundreds of pounds. Valuers found nothing structurally wrong with the building but, one by one, lenders refused loans.
The couple tried Bristol & West, Nationwide and Alliance & Leicester building societies, Abbey National, and several smaller lenders to no avail. (The couple asked us not to use their real names, so as not to jeopardise negotiations with lenders.)Mr McBride is a director of an advertising company and Mrs McBride is a PA. The flat was designed by Kenneth Frampton, the distinguished architect and architectural writer who is now Professor of Architecture at Columbia University in the US.Records showed there was no HAC used in construction. But not all brokers are convinced this is the right way to go.
