Lenders are rejecting mortgage applications for flats located on the fourth storey or higher where there is no lift access, the Sun can reveal.
Mortgage applications rejected
A number of major banks and building societies told HOAR they will no longer offer mortgages on high rise properties with only stairs in the building as they are becoming undesirable.
Flats without lift access are becoming harder to get a mortgage on
Others said they will review applications on a case-by-case basis and may reject them if they deem the lack of lift will make the flat hard to sell.
Estate agent Purplebricks said "millions" of households in England and Wales could be affected based on the latest ONS data.
Difficulties in selling
Experts warn people who own this type of property may have difficulty selling their home in future if prospective buyers can't secure a mortgage.
And anyone considering buying one of these flats should be aware that they may not be able to get a loan easily.
Ageing population and accessible housing
It comes amid concerns from Local Authorities that the UK's ageing population is increasingly seeking more accessible housing, making walk-up flats less desirable to buyers.
Experts say this is causing lenders to be more cautious about offering mortgages on these properties.
Mortgage restrictions
The majority of lenders HOAR looked at limit lending on flats with no lift access to four or five storeys high.
HSBC, one of the UK's largest lenders, told HOAR it normally won't lend on flats on the fourth floor or higher without lift access, but said it will consider exceptions where recommended by its valuers.
A number of building societies including Kent Reliance, Bath Building Society and Chorley Building Society also said they won't lend on flats above three storeys high without lift access.
Fleet Mortgages, which specialises in buy-to-let mortgages for landlords, also said it won't lend on flats on the fourth storey or higher without lift access.
Natwest, Coventry Building Society, Leeds Building Society and Virgin Money all said they will not consider lending on flats over four storeys high without a lift.
Santander said no lift access is not a single factor it would use to refuse a mortgage application for a high-rise flat, but it is one factor it considers.
Meanwhile Nationwide, Barclays and Lloyds said they assess applications for this type of flat on a case-by-case basis.
Walk-up flats
Apartments that can only be accessed by taking the stairs, known as "walk-up" flats, are found throughout the UK, but they tend to be in older buildings rather than new-build developments.
This is because while it's never been a legal requirement for blocks of flats to have lifts, modern guidelines recommend multi-storey buildings have a minimum of one lift big enough to accommodate a wheelchair.
What if I want to buy or sell a walk-up flat?
If you're looking to buy or sell a high-rise flat with no lift in the building, you may have to jump through more hoops to seal the deal – but all is not lost.
Barclays, Lloyds and Nationwide will look at other elements of the home, such as where it is, when assessing whether to lend on it, so if your home is in a prime location you may be in luck.
Some specialist lenders and building societies have slightly more lax requirements than the biggest lenders.
Skipton Building Society will offer mortgages on flats with no lift up to five storeys high, for example.
If you're trying to sell a high-rise flat without a lift, estate agents recommend marketing your home based on other aspects of the property that make it desirable.
For example, if it's in a great location, there is likely to be higher demand than somewhere more remote.
Penthouse apartments or flats with a unique feature are also more likely to have buyers who are seeking that kind of property, according to property experts LDN Properties.
And not everyone requires a mortgage – some buyers may be looking to purchase a flat as an investment with their own money. These are known as "cash buyers".
Cash buyers are often looking for a quick sale, so if you can accommodate that then that could be a way to secure a sale.
Earlier this year, we revealed lenders are refusing mortgage applications on homes where spray foam has been installed in the loft, affecting around 250,000 households.
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