A flat that has been converted from part of a larger property.
Converted flats can be more complicated to mortgage than other dwellings. Lenders have varying criteria for mortgages for converted flats. They also have different rules about mortgaging multiple flats in the same block.
Some lenders have maimum lending amounts, some have rules about the nature of the building (ie brick construction) and there are other complex rules.
Lenders will fill niches by offering different criteria and being able to help borrowers others are turning away. This is an area when sound broker advice can really help, and can certainly save a lot of frustrating shopping around.
Good brokers will be able to quickly phone the lenders that are likely to be able to help. They can therefore get a quick idea of where is the best place to mortgage or remortgage the converted flat.
