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Can I Get a Mortgage on a Maisonette?

Maisonettes may not be a standard property, but they're prevalent in thousands of towns and cities! This guide explains maisonette mortgages and why the purpose and structure of your building may have a bearing on the right mortgage products for you.

What Is a Maisonette?

"Maisonette" is a term borrowed from French, where it literally translates to "small house" or "cottage." In English, it typically refers to a small, cozy dwelling or a small house or apartment that's often more compact and on a ground floor, as well as quite simple compared to larger residences. Maisonettes can vary in style and size, but they often emphasize efficient use of both indoor and outdoor space and may be suitable for individuals, couples, or small families.

They can be standalone structures or part of a larger building, like duplex flats or two floors-premises that have their own staircase and larger square footage that is more affordable compared to an apartment in a high rise building.

Can I Get a Mortgage on a Maisonette?

Maisonettes can seem more difficult to mortgage than a regular home - but a lot depends on the property's format and what sort of premises it is attached to. There are many leasehold and freehold arrangements that can benefit your freehold maisonette mortgages as well.

There are also benefits and disadvantages of choosing a maisonette over a standalone house, or a traditional apartment, which we'll explore here.

Are Maisonettes Difficult to Mortgage?

Not particularly. There are plenty of lenders who offer buy to let mortgages, or residential borrowing, to help people buy a maisonette. Our teams are independent, and whole-of-market so can recommend any product from any lender that we believe best fits your needs.

Are Maisonette Mortgages any Different from a House Mortgage?

This type of property mortgage will depend on whether you are buying a freehold or leasehold. Therefore it can be confusing since lending terms can be different from a typical house, or a leasehold apartment.

A maisonette is part of a larger property, usually with three or more floors. Most UK maisonettes have a private entrance, and therefore it is not the same as an apartment.

Therefore they are a middle ground between a more expensive house, and an apartment, with greater security than the latter.

What is a Freehold Mortgage on a Maisonette?

When you buy the freehold to a property, you own it entirely, including all the surrounding land. That means you are also responsible for any attached properties, and the related maintenance costs.

Mortgage lenders considering a maisonette mortgage will include these cost responsibilities in their affordability assessment.

You can also buy a share of the freehold, which is most common in larger cities. In effect, each owner buys their property within the larger premises on a leasehold basis, plus a freehold percentage.

If this is the case, get in touch, as many lenders will not consider a shared freehold mortgage given the element of risk in that other holders are jointly responsible for the upkeep of the property.

Can I Get a Mortgage for a Leasehold Maisonette Ownership?

Yes, and a leasehold is more typical for a maisonette. This type of mortgage covers the vast majority of flats and means that you own the property for a specific number of years.

The lease is held by the freeholder and sets out what you own, and for how many years. Ownership returns to the freeholder at the end of the lease term.

Lenders will need to assess the length of the lease - for example, if this is 90 years or more, finding a mortgage should be relatively easy. However, a shorter lease may be more of a challenge.

What are the Essential Factors to a Maisonette Mortgage on a Leasehold Basis?

If you are considering buying a maisonette leasehold, the below are vital questions to consider:

  • Service charges - payable to the freeholder for the maintenance of the property.
  • Ground rent - the amount you pay to the freeholder for the right to occupy the land the maisonette is built onto. This might be a lump sum, or might be regular instalments.

Is a Maisonette a Good Property Investment?

It can be - any property purchase depends on the value for money.

The advantages to buying a maisonette include:

  • It is more affordable than buying a standalone property. Most maisonettes have communal areas and an adequate loft space through a communal entrance. Additionally, maisonettes offer bonus storage space, private garden space as well as private outdoor space to enjoy.
  • The upkeep costs are shared between the other leaseholders.
  • You have the additional security of a private entrance, but also neighbours closeby.

There can also be negatives, such as:

  • Smaller property sizes.
  • Privacy element of having neighbours near to you.
  • Paying maintenance fees for property repairs.
  • Needing to abide by any house rules or codes dictated by the freeholder.

How Will a Lender Assess a Maisonette Mortgage Application?

Lenders will look at all the usual criteria to decide whether they can offer to lend:

  • Affordability looks at what you earn, and what the costs are of the property purchase. For a maisonette that includes services charges and ground rent. The assessment will also calculate your debt to income ratio, and factor in existing loans or debts you have.
  • Loan to Value ratio means the amount you need to borrow in relation to the property's cost. If you have a low deposit, of say 5% and need a 95% LTV, you will have a smaller number of lenders to choose between. Most lenders will require at least a 15% deposit for a maisonette mortgage.
  • Employment - if you have stable, PAYE income, affordability is easier to prove. If you are self-employed or a contractor, you will usually need at least three years of accounts or tax returns to demonstrate your average income.
  • The mortgage broker will run a credit search to see if you have any bad credit issues. If you do, it doesn't necessarily mean you can't get a mortgage, but more severe problems may require an application to a specialist bad credit lender.

Professional Broker Support with a Mortgage on a Maisonette

Before applying for a maisonette mortgage, there are multiple factors to consider, not least which lenders will accept your application, what the most competitive products are, and the terms you wish to secure.

Business loan broker is a whole-of-market expert team, with experience in all kinds of mortgage negotiations.

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