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Unacceptable properties
Lenders will not, in general, lend on property that is above commercial premises as commercial property can change ownership and what was originally a quiet shop could become a noisy late-night takeaway, giving rise to disturbance to the local residents.
Those willing to lend in these circumstances would probably not offer maximum loan to value rates.
Acceptable property criteria will vary from lender to lender. Some will not lend on an ex-local authority property, others will not lend on flats, some have restrictions on the number of storeys a property may have with restrictions of four to six storeys and some lenders choose not to offer mortgages on studio or basement flats.
Most lenders will not entertain properties that are built from prefabricated reinforced concrete or properties not built with bricks or stone.
Other considerations would include property that is seriously run down, although for lenders to deny this type of premises the property would have to be classed as uninhabitable, i.e. no running water or holes in the roof.
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