Freehold Flat Mortgages

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Freehold flat mortgage

If you are purchasing a flat then it will generally have a  lease. Some flats are freehold and these types of property can be tricky to mortgage. The good news is it’s possible. 

To find out more about freehold flats you can click here.

What is a freehold flat?

With a freehold flat you own the property itself and the land it sits on. It is your responsibility for the upkeep of the property. Freehold flats tend to no have a service charge or ground rent as you own the freehold. This may seem like a cheaper options but the amount of lenders that will provide a mortgage on these types of property is limited.

Can you get a mortgage on a freehold flat?

Yes you can. But it’s not that simple. the amount of lenders that will lend on a freehold flat is limited. 

Because it’s not clear on the division of the property, most lenders are wary of lending. The lender will always want to know from the surveyor whether resale-ability would be effected. If the lender ever had to repossess the property they need to understand whether resale-ability would be effected. You can also get bridging loans on freehold flats however lenders will check for a viable exit strategy out of the bridging loan. 

Other types of freehold flats

Another type of a freehold flat is a “share of freehold flat”. With these types of flats the free hold is shared amongst the owners of the individual flats. They are all equally responsible for the upkeep of the building. 

Can you get a freehold flat mortgage with bad credit? 

You have to keep in mind that the amount of lenders available to lend on a freehold flat is limited so finding a lender that would also lend to an applicant with adverse credit could provide difficult. 


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About the author

Hemal is an expert in mortgages and has successfully helped many people buy and remortgage their properties by fully assessing your needs and making advice and recommendation that suits your circumstances.
Hemal started the business during the pandemic and put customer service and expert advice at the forefront. Hemal has had media publications like BBC news, BBC radio and other media sources.
Read more about Mortgage Avenue.