Finding a Mortgage on a Property with a Flying Freehold

Flying freeholds can be a complexity if you're mortgaging a short-term freehold property or need to finance a new investment home. Here we explain how it all works and what a lender will consider when looking at properties with an existing tenant.

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Based on your yearly income, you may be able to borrow:

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

Finding a Mortgage on a Property with a Flying Freehold

A flying freehold refers to a part of a property that is suspended or hangs over or under another freehold home. For example, if you have a room above a garage, or above a communal pathway, you will need a flying freehold mortgage.

This guide will explain what you need to know about flying freehold mortgages and when they are required.

For help with securing your flying freehold mortgage, contact Revolution on 0330 304 3040, or drop us a message to info@revolutionbrokers.co.uk.

What are the Important Factors in Buying a Property with a Flying Freehold?

The first step is to look into the deeds, and whether the flying freehold element of the property has been correctly registered at the Land Registry.

If so, there will usually be covenants that dictate access rights to adjacent properties to carry out repairs and prevent alterations to nearby properties that could impact the structural integrity of the part of the home under, or over, another freehold.

Are There Mortgages Available for Flying Freehold Homes?

Yes, there shouldn't be any substantial difficulty in getting a mortgage - provided the flying freehold element is not more than 20% of the total floor space.

Some lenders have different caps, so this part of the home can be anything up to 25% of the entire property or restricted to a maximum of 10%.

What are the Complications of a Flying Freehold Mortgage Application?

As always, a lot depends on the lender's policies. If there is a small part of the property that constitutes a flying freehold, most lenders will be happy to proceed.

In some cases, a lender might need to carry out assessments on the covenants and documentation related to the property's construction before making an offer.

Is There a Specific Insurance I Need for a Flying Freehold Property?

Yes, most lenders will require you to take out indemnity insurance to protect against any potential problems with the deeds relating to the flying freehold.

This insurance is relatively easy to find and is not considered expensive.

Insurance is vital since, it means that if the flying freehold is found to have any defects, or there are legal issues, you are covered for the costs and any repair work.

Can I Get a Mortgage on a Flying Freehold Apartment?

In most cases, a flat or apartment would not fall into the flying freehold category. Most such homes are leasehold, and therefore the freeholder owns the land.

However, you can buy a leasehold for such a property, which is a more specialist situation where an experienced broker can help you understand the lending options.

Who are the Best UK Lenders for Flying Freehold Mortgages?

The lender we recommend for you will depend on the type of property, the flying freehold size, and your borrowing requirements.

Below we have summarised some of the popular flying freehold mortgage lenders, and their typical lending terms.

Flying Freehold Mortgage:

Mortgage Terms:

Ipswich Building Society

Will mortgage a flying freehold property provided this element is no more than one-quarter of the total property size.

Mansfield Building Society

Will mortgage a flying freehold property provided this element is no more than one-quarter of the total property size.

Nationwide

Offer flying freehold mortgages only on houses or bungalows.

NatWest

Require confirmation from a solicitor that the title deeds have covered the flying freehold part of the property.

Santander

Require confirmation from a solicitor that the title deeds have covered the flying freehold part of the property.

Expert Advice with Flying Freehold Mortgages

Business loan broker is an experienced team, with whole-of-market access. That means we can make an independent assessment of your circumstances, and recommend the mortgage or borrowing product that we think is best for you.

Get in touch on 0330 304 3040, or email us at info@revolutionbrokers.co.uk for more guidance around flying freeholds, and the most suitable lenders for your mortgage.

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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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