MORTGAGE ADVICE FOR BUYING A MAISONETTE
Finding a mortgage for a maisonette can be a daunting task. We are here to help.
A maisonette is a self-contained property with its own front door directly off the street, most commonly over two floors. Maisonettes distinguish themselves from flats on one floor only, typically accessed via a shared entrance. By definition, ‘maisonette’ is a french word and means ‘small house’.
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Can You Get a Mortgage on a Maisonette?
It is possible to secure a mortgage on a maisonette, there are lenders who offer residential and buy to let mortgages on this property type.
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).
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.
If you are buying the freehold of a maisonette, that means you will own the property outright (including the land it’s built on). Freeholders of maisonettes have the responsibility of maintaining both the property and land.
Leasehold Maisonette Mortgages
Getting a leasehold maisonette mortgage is far more common than getting a freehold. If you have a maisonette on a leasehold basis, you own the property for a fixed period of time. When the lease expires, ownership of the property will return to the freeholder. You can apply to have leaseholds extended and this can be beneficial especially when it comes to selling the property.
Benefits of Maisonettes
Whilst it can be more complex to secure a mortgage on a maisonette, there are many advantages to owning this type of property.
- High security
- Private entrance as you would have with a house
- Low buying costs (particularly appealing in today’s market)
- Low maintenance costs
- More flexibility than a flat
- Generous on space
- Perfect middle-ground for those looking to move out of a flat but not into a house
Get Maisonette Mortgage Advice
Need further advice? Get in touch with The Mortgage Mom today. We have a wealth of experience when it comes to advising home buyers looking to secure a maisonette mortgage. We offer mortgage advice in Birmingham and across the UK. Alongside maisonettes, our advice includes first-time buyer mortgages, flat mortgages, remortgages, new build mortgages, life insurance, critical illness, income protection and much more.
With so many mortgages to choose from and so many options to consider when looking for the right mortgage, it’s not surprising that many people feel daunted. But don’t worry, we are here to help every step of the way.