Deck access refers to a walkway that leads to the door of a flat. This balcony walkway is common in ex-council flats, which makes them a common obstacle for Right-to-Buy mortgages. Deck access can make a mortgage application more difficult.
Properties with deck access are considered to be more difficult to sell, so lenders are typically concerned about the risk of repossession. They could be left with a property they cannot sell if the borrower is unable to keep up with repayments. For this reason, many lenders will be wary of this type of property.
In this guide, we will look at some of the best ways to secure a mortgage on a deck access property.
If any of the other flats in the immediate area are privately owned, this will give you some confidence that you may be able to go ahead with the purchase. Check out Right to Buy papers for a contact name. The more privately owned properties the better, as this will give lenders confidence.
If you already know that your neighbours have purchased their property, ask which lender they used. This can help you to narrow down your search. Remember that lenders can change their policies at any time, so this isn’t a guarantee. However, it can be helpful to know where to start.
Taking a few photographs can save a lot of money when compared with paying for a survey. This is a preliminary step, and should not be considered as a way to avoid a survey entirely. However, it can help lenders to understand the type of deck access you are dealing with.
As mentioned above, lenders change their policies all the time. By working with a specialist Right-to-Buy broker, you can narrow down your search and increase your chances of being accepted. Get in touch with Niche Mortgage Info to find out how we can help you to purchase your ex-council flat with deck access.