If you are looking for a mortgage bear in mind that as well as classing some borrowers as high risk, lenders also class some types of property as more risky than others.

These include high rise flats, flats with short leases, flats above shops, and ex-council or local authority property.

Although it might be more difficult to get a mortgage on these types of property it is not impossible and a mortgage broker should be able to recommend lenders willing to take the risk.

Mortgages for High Rise flats

Lenders generally don’t feel comfortable offering mortgages on flats in blocks reaching six or seven storeys high or flats located above a certain floor.

A bank or building society’s willingness to lend on a high rise flat depends on a number of factors assessed by its valuer.

These are likely to include the building’s age, structural quality and standard of maintenance.

In the past some tower blocks were constructed out of concrete, and if it were in poor condition, this would affect its marketability and how easy a lender would find to resell it in the event of repossession.

Valuers also consider service and maintenance charges and, as with any other home, the property’s location in relation to transport links, shops and schools.

In the case of ex-council high rise flats, the make-up of the block would also be taken into consideration.

It may be a mix of owner- occupiers and council or housing association tenants.

Usually, lenders will prefer it if your neighbours are all, or mostly, owners.