Mortgages for Freehold Flats
Best Mortgage Rates
Mortgages for Freehold Flats
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Mortgages for Flats with Freehold
The best mortgages for freehold flats
Flats typically share land space with other properties, so a genuine freehold flat is something of an anomaly. You may have difficulty getting the mortgage deal you want if you wish to buy a freehold flat. Many mainstream mortgage brokers do not wish to be involved in the intricacies of offering freehold mortgages for flats
The difference between a leasehold and a freehold
When you buy a property, you can own it in two ways: freehold and leasehold. Some apartment blocks are covered under a form of freehold known as commonhold, although this is a relatively new setup, dating from 2002, and is not widely available. In this system, apartment owners own their flats as freehold, but they share responsibility for communal areas.
The freehold on the house means that you own it and the land it sits on until you sell it or pass it on to someone else through a will or other inheritance process. Most houses are freehold properties - when you buy a house, you usually own it and any adjacent land, such as a garden or driveway.
When you own a leasehold property, you have purchased the right to live there, but not the building and land. On the other hand, a leasehold property means that you own the right to live in it, but not the building or land.
Individual tenants will usually hold the lease on their own flats in a block of flats, with the landlord owning the freehold. Since finding a flat with a genuinely freehold title is relatively rare, mortgage lenders may hesitate to lend mortgages for such properties.
Finding a mortgage deal for a freehold flat
Most mortgage lenders will not accept freehold flats or maisonettes, even if each flat in a block has its own freehold title. A mortgage deal may be easier to obtain if you intend to become an owner-occupier who owns the whole block of flats and lives in one of them.
If your building is divided into five or more flats, you may require a different type of mortgage deal when looking for mortgages for freehold flats.
Mortgages can be very complex when buying a freehold flat, so it is a good idea to seek independent, expert mortgage advice before buying a freehold flat.
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