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Mortgage not approved - ground rent too high, have you ever heard anything like that?


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Hello,

 

I'm looking to purchase a property in the value of £80k.

The ground rent is £150 which makes perfect sense.

 

Lenders classify this property as a new-build (even though it was built in 2014, it's still under the developer's name)

 

A few lenders denied the mortgage application stating that the GR is too high (higher than 1% of the property value) which I have never heard of before.

 

What's the logic behind this?

 

Thanks

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