Excellent news, could you e-mail me (adrian AT adriangarside.co.uk) with a breakdown of your salaries - basic/OT/bonus and your outgoings and I'll see what I can come up with.

We also need to run through the costs you'll come across - just to check there's no surprises that could drain your potential profits

Regards

Adrian

My previous broker tried Northern Rock and The One Account. We applied to Northern Rock but that was turned down because of the number of floors, and before I had a chance to fill in any forms for The One Account, I found out that I was not eligible because of the same reason as before.

It is not an ex council block. Brick built also, not concrete.

It's leasehold with a brand new lease.

I'm hoping for at least £5,000 profit. We're also now in a position to offer a 5% deposit meaning that we're looking for a 95% mortgage.

If there's any other info you need please leave your email address so I can forward it through.

Thanks,
Stuart

That's a trickey one - could you answer these please

what lenders have you tried already?
Is it an ex local authority block?
How long is left on the lease?

From there, income multiples will be a factor and they may actually be the bigger issue.

Also, appx how much profit do you expect to make - there is a fee on some 100% mortgages called a 'High loan to value' fee. It's expensive and if you are only making a few £1000's profit it might no be worth it. On the other hand if you are making £30,000 it would still work.

Talking about the work needed - do you have the cash to do the work? You might eb better off putting it in as deposit and borrowing for the works. This method would open up a wider range of lenders to choose from

By all means give me a call, 01489 784022

Adrian

Hello...

I'm having difficultly finding a mortgage for a property I've had an offer accepted upon and I thought I'd post a message here as a last ditch attempt before pulling out of the sale. Most of the problem is finding a lender that will give us a mortgage for a supposedly "high-rise" block.

The property is a 2 bedroom flat in East Sussex, on the fourth floor (fifth if you include the ground floor) in a block that has seven floors including ground floor. The offer has been accepted at £151,000.

The mortgage would be a joint application and we have a very small deposit of 1% so require a 99% mortgage. As we're planning on doing the property up and selling it within 2->3 months we don't want any early repayment charges. Our total income is roughly £45k p.a. with monthly outgoings of £420. We want an interest only mortgage but we don't mind the type of mortgage (variable, fixed, discounted, etc) as long as it meets the above criteria.

If there are any mortgage brokers, etc who think they can help (and who do not charge a broker fee) please leave me your email address and any further info you need from me.

Thanks for your help,
Stuart