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Mortgages for Flats

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Flats

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Flats

Mortgages for flats: Compare your options

Many buyers choose flats as their first home, as well as those looking to live in a weekday-only residence instead of commuting long distances.

Getting a mortgage on a flat can be different from getting a mortgage on a house. Various factors will determine the degree of difference, including:

Flat size

Getting a mortgage for a studio flat may be difficult. The majority of mortgage lenders won't lend on studio flats at all, and those that do will usually require them to meet certain criteria.

As an example, the studio flat must be at least 30 square metres in size and have a separate food preparation area and bathroom. Depending on the lender, there may also be additional restrictions on mortgages for flats - for example, they may not lend on basement studios without natural light.

Flat location

You may have a harder time getting a mortgage if you plan to buy a property above a commercial establishment. As a result, many potential mortgage lenders are concerned that noise or other disturbances will damage the flat's resale value.

You may still run into issues even if you don't plan to buy a flat above a commercial building:

  •  Buying an ex-local authority flat
  • Buying a flat built from non-standard materials
  • Buying a high-rise flat in a five-story building

Before approaching mortgage lenders for a loan on a flat that falls into any of these categories, it is a good idea to seek expert advice.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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