Do any building societies or banks offer mortgages on high-rise properties?

Q I bought a flat on the 12th floor of a tower block about eight years ago for cash. I now want to sell it, but estate agents do not want to take it on. They are advising that buyers will still only be able to buy my flat using cash. However, these properties are now much more expensive and it isn't reasonable to expect normal people and first-time buyers to have that amount of cash.

Do any building societies or banks offer mortgages on high-rise properties? I was hoping to move this year, but it seems I may be here for a long time if people are unable get mortgages on high-rise apartments.

TB

A Unfortunately, one of the major considerations for mortgage lenders when agreeing a loan is the future saleability of a property, which is why they often turn down loans on properties above shops, for example.

When it comes to high-rise properties, lenders take into consideration the floor the flat is on - most seem to apply different rules for flats on or above the 12th storey - and how many of the flats are privately owned (as opposed to owned by the local authority).

From a vast mortgage marketplace, only HSBC doesn't automatically rule out all high-rise properties, while some lenders - including Alliance & Leicester, Bank of Scotland, Bradford & Bingley, Chelsea Building Society, Halifax and Nationwide - will look at each application on its own merits.

You could also check with your local authority which lenders have been used in the past by tenants in your block - it may not tell you but it's worth checking.

Even with this information, though, your problem is still convincing estate agents - and by extension, buyers - that your flat is potentially marketable, but at least if you have some indication from lenders that it is, it may be a starting point.