Maximum number of storeys considered for lending on ex local authority flats
Relates to the maximum number of stories a lender can consider when lending on ex local authority high rise flats. The definition of high rise flats will vary from lender to lender and some will describe high rise as a block of more than 4 storeys, whilst others may define it as being a block of 6 storeys or more. Lenders’ lending policy will also vary on the maximum height of the blocks; some may restrict it to 8 storeys or 10 storeys. There is usually a requirement that any block above 4 storeys is serviced with a lift. The construction of the block will also be a consideration, as will the local market for such accommodation and its re-sale prospects. Ex-Local Authority high rise blocks are considered unacceptable by many lenders.
What is Criteria Brain?
Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.