Mortgages for Flats with Freehold
Mortgage Service for Flats with Freehold
Getting a mortgage if you have a flat with freehold or you own a flat (s) as a buy to let landlord can bring with it a range of complexities when arranging mortgage finance. Our mortgage service offers:
- Whole of market service - we work with most UK lenders who will consider lending on flats
- Access to leading market mortgage rates
- Access to exclusive mortgage deals not available on high street
- Specialist lenders who will lend on flats above shops and on high rise apartments
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous credit issues
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of innovative finance solutions
To investigate your mortgage options if you are a looking to buy a freehold flat for the first time, remortgage or where you looking to raise additional finance call our specialist mortgage team on 0117 313 7780 or fill in our callback request form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
Obtaining the best mortgages for freehold flats
A genuine freehold flat is something of an oddity on account of the fact that flats typically share land space with other properties. Consequently, if you wish to purchase a freehold flat you could find that you encounter problems with getting the mortgage deal that you want. Many mainstream mortgage brokers do not wish to get involved in the intricacies of offering freehold mortgages for flats
Leasehold versus freehold
In practice, there are two key ways in which you can own a property when you buy it. These are known as leasehold and freehold. Sometimes apartment blocks can be covered under a variation of freehold known as commonhold, although this is a fairly new setup dating since the advent of new legislation in 2002, and is not widely available. Under this system, the owners in an apartment block own their flat as a freehold, but they have joint ownership and responsibility for communal areas.
If you are the owner of the freehold on a house, this means that you fully own the property and the land it is constructed on until you either sell it or pass on it to someone else through a will or other inheritance process. Houses are generally freehold properties – when you purchase a house you usually own the house plus any adjacent land such as a garden or driveway that is included in the purchase.
By contract, ownership of a leasehold property means that you have purchased the right to live in the property, but not the actual building and land itself. Owning a leasehold property, on the other hand, means that you have bought the right to live in the building, but not ownership of the building and land itself.
For example, the freehold on a block of flats will usually be owned by the landlord with individual tenants holding the lease on their own flat. It is unsurprisingly therefore fairly unusual to find a flat that is genuinely freehold, which can mean that mortgage lenders are uncertain when it comes to lending mortgages for flats with freehold.
How to find a mortgage deal for a flat with freehold
Many mortgage lenders will not accept flats with freehold or maisonettes, even if each flat in a block has its own separate freehold title. However, if you are planning on buying in order to become an owner-occupier, who has full freehold ownership a block of flats and lives in one of them, then you are more likely to find it easier to obtain a mortgage deal.
Despite this you could still encounter various issues when looking for the right mortgages for freehold flats – for example you may require a different type of mortgage deal if the building you own is divided into five or more separate flats.
If you want to buy a flat with freehold using a mortgage, it is a good idea to seek out expert, independent mortgage advice due to the fact that this can be a very complicated area when it comes to mortgages. Our dedicated whole of market mortgage team can help you to locate the right flat with freehold mortgage deal for you – call us today on 0117 313 7780 or click here » for a callback.