The Best Mortgage Products for Apartments

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The Best Mortgage Products for Apartments

Flats or apartments are a very common type of home and are most popular in cities and towns. From luxurious penthouses to studio flats and starter homes, you may have found it challenging to mortgage a flat due to your chosen bank's lending policies.

Here we'll summarise the different mortgage products available, and what sort of considerations a lender will have when assessing an application.

For expert help from an independent broker, contact Revolution Brokers on 0330 304 3040, or email the team at [email protected].

Do I Need a Different Type of Mortgage for a Flat?

Not usually - any property that is a part of a larger building is generally considered an apartment.

The terms on the market for flats are not dissimilar to those for standalone houses, although it's important to clarify what sort of apartment you wish to buy, as this will dictate the ease with which you can secure a mortgage.

Some examples include:

Studio apartment mortgages - properties where the living space and sleeping spaces are combined. Studios can be one of the most problematic types of flat to mortgage, even though they are affordable and often an ideal starter home. That is because many lenders have a minimum square footage requirement that a studio is more likely to fall outside of.

One-bed apartment mortgages - these homes are usually bigger than studios and have a separate bedroom. One-bed flats are usually still affordable, although slightly more expensive than studio apartments.

Mortgages for multi-bedroom apartments. That could include a maisonette or duplex with more than one floor, flats with mezzanine levels, or an apartment with two or more bedrooms.

Ex-local authority flats - those previously owned by the council or housing authority. Many ex-council flats are larger than those built for private owners and can range from studios to large family apartments. In many cases, ex-council flats are built within older buildings, and may therefore be considered 'non-standard'.

Mortgages for high-rise apartment blocks. This includes anything above seven storeys, from ex-council residential blocks to contemporary developments. High rises are also a non-standard property type, so it is essential to choose the right lender who will approve your application.

Multi-lets or apartment buildings. Mortgages of this type can be more specialist and are usually designed for apartment buildings purchased by investors as a rental asset.

Serviced apartments are a different property for the purposes of a mortgage, and are usually used as an alternative to Airbnbs or other short-term rental options. Mortgages for serviced flats are often available through niche lenders, who lend against other properties such as holiday lets.

Mortgages for London apartments - while property prices in the capital are notoriously high, there are often more flexible mortgage terms available. For example, if you qualify for a support scheme as a first-time buyer, the limits are usually higher for London properties.

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