Property Type: Ex local auth flat/maisonette
Indicates if a lender is potentially able to lend on ex local authority flats/maisonettes.
Whilst ‘high rise’ blocks of ex-Local Authority Flats may not be acceptable to a number of lenders, low rise blocks of up to 4 storeys in height are now widely considered if the construction is acceptable (pre-fabricated or large concrete panel systems would usually not be acceptable) and the condition and market for such properties in the locality can be shown to be good. If there is still a high percentage of tenanted occupancy in the block then this may be a factor that will determine a flat’s suitability for lending.
Ex-local authority flats/maisonettes with open deck /balcony access are often considered unsuitable for lending purposes (potential for anti-social behaviour/security issues) unless it can be demonstrated that there is good re-sale demand which may be the case in some of the more favoured London Boroughs for example.
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.