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Maisonettes vs Flats

Maisonettes vs Flats – What’s the Big Difference?

With the housing market as competitive as it currently is, flats and maisonettes are becoming ever more popular. But what is the difference between the two, and why choose one over the other?

Difference Between Flat and Maisonette

One of the main differences between a flat and a maisonette is that maisonettes generally are on more than one level, whereas a flat is usually contained on one. Maisonettes are often more bespoke than flats as opposed to being part of a developed block. As a whole, maisonettes offer more privacy than flats.

Maisonettes don’t share a communal hallway, they have their own entrance and are usually entirely separate from the building that they are situated in. In this sense, maisonettes feel like more of a ‘small house’ than a flat. They also usually have outdoor space which can be shared or private.

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Benefits of Maisonettes

Maisonettes are a great alternative to houses, largely because they are more affordable but still offer the same basic perks. As opposed to flats, maisonettes are more bespoke, unique and usually offer outdoor space. Some of the main benefits include:

  • Private entrance
  • Affordable buying costs (as opposed to houses)
  • Low maintenance costs
  • Opportunities for loft space
  • Opportunities for outdoor space

Benefits of Flats

For simple living, flats have many advantages. They are usually more affordable than maisonettes and don’t have the extra maintenance features to look after such as gardens. Their advantages include:

  • Lower buying costs
  • Easy maintenance
  • Safe and secure
  • Flexible, short term option
  • Wider opportunities for appealing locations

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Maisonette Mortgages

The types of maisonette mortgages depend on whether you are buying a freehold or leasehold. It can sometimes be confusing since lending terms are often different from a typical house, or a leasehold flat. Generally, maisonette mortgages are leasehold (you don’t generally own the entire building and land as you would with freehold).

It is certainly feasible to secure a mortgage when buying a maisonette, but it can be testing. The criteria for maisonette mortgages are typically stricter than those of a house mortgage. If the maisonette is a leasehold (which it likely will be), the mortgage lender will need to review the length remaining on the lease before weighing up the value of the loan. As maisonettes are usually leasehold, this, in turn, means they will bring with them ground rent and service charge liabilities.

Flat Mortgages

The number of people in the UK buying flats and therefore getting mortgages on them is increasing, with flats often being a simpler, more affordable and more practical home solution.

Similar to maisonettes, there is often more criteria to securing a mortgage on a flat than there would be with a house. Some considerations when securing a flat mortgage include the length of lease, the size of the flat, the flat location, loan to value ratios and the choice of mortgage lenders (some flats require specialists).

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Get in Touch

Not sure whether you can get a mortgage on a maisonette or flat? The Mortgage Mom is here to help. We offer mortgage advice in Birmingham and beyond, reaching across the whole of the UK. We offer advice and support with first-time buyer mortgages, home mover mortgages, remortgages, buy to let mortgages, bad credit mortgages, life insurance, critical illness, income protection, relevant life insurance, family income protection, the lot… get in touch with us today to find out more.

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