Studio flat mortgage
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What is a studio flat?
In the UK, a studio flat is a small home where everything is in one room. Unlike regular apartments. Studio flats are generally flats which are less than 39 square meters.
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Can I get a mortgage on a studio flat?
Of course! You can get a mortgage for a studio flat, but it depends on your situation. There are different types of mortgages for studio flats, like ones for living in or renting out. However, whether you can get one depends on if you meet the strict rules of the lender.
Some lenders will have a minimum property size that they will accept. This tends to be around 35 square metres. If the property is smaller then there are some specialist lenders that would lend depending on what area the property is located in and if resale-ability would be effected.
Can I get a buy to let mortgage for a studio flat?
Absolutely, you can obtain a mortgage for a studio flat for buy-to-let purposes, provided that you meet the specific criteria for buy-to-let mortgages. These criteria typically differ from those of standard residential mortgages. Studio flats can make good investments and tend to have higher return of investments.
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Is it worth buying a studio flat?
Many investors prefer studio flats because they are affordable to buy and can have lower costs than other types of properties. They are also popular with certain renters, which can mean good rental income and less rental voids due to the demand of these types of properties.
However, it can be hard to sell studio flats, especially if they are very small or near businesses.
Factors that could effect lending on a studio flat
- Property Size: Many lenders have specific size requirements for lending on properties. For instance, most will not finance properties smaller than 30 square meters. However, there are specialised lenders who evaluate each property individually.
- Property Layout: Studios are usually a single living space, but some lenders consider smaller flats as studios. Having a separate kitchen area improves your chances of getting a mortgage
- Location: Lenders will assess if the location is suitable to lend on a studio flat. Generally areas of low demand may result in a decline for a mortgage on a studio flat. Equally if the flat is near restaurants or night clubs which effects resale-ability of the property was ever repossessed by the lender.
- Construction: A studio flat which is non standard construction might prove difficult to mortgage. While there are lenders that would lend on non standard construction properties, they may not also lend on certain studio flats. Your mortgage broker will be able to guid you in this instance.
- Lease: Most flats are leasehold. If the lease is too low then getting a mortgage could prove difficult. Most lenders will not lend if the lease is less then 46 years on completion of the purchase. You can find out more about Property leases by clicking here.
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Over the years we have helped many individuals and families secure a mortgage . Our advisors assess your circumstances and then advise and recommend according to your needs.
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