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You are here: Home / Mortgages / Mortgage for a studio flat / Mortgage for a studio flat

by Payam Azadi

Mortgage for a studio flat

Mortgage Questions
If you’re looking to get a mortgage for a studio flat you will soon find out that it is not straight forward.

Getting a Mortgage for a studio flat are harder to obtain than your average UK mortgage as the choice of lender is much lower. Why is the case? Well the general principle of a mortgage is a lower interest rate in return for the lender taking the property as security should you not pay the mortgage back. All lenders will therefore want to make sure the property that is being put up for security is a worthy asset and easily saleable should they have to repossess.

The good news is that lenders have their own lending strategies and policies, and will use the type of security as one of their differentiators to win business, just like some compete on rate.

The lenders that consider studio flats normally have a minimum floor space requirement of 30 square metres. There are a smaller number of lenders that will consider tinier dwellings but will place greater emphasis on their surveyors to comment on the re-saleability potential. If the latter is the case then a mortgage product with a ‘free valuation’ might be your best option to protect your outlay until you have greater certainty that the provider will lend.

Furthermore, if you are after purchasing a buy to let studio flat or have had adverse credit problems then the lender choice is very small.

If you’re looking to get a Mortgage for a studio flat call us on 020 79932044 four or alternatively give us some more information why are online enquiry form so we can try and help you.

call 02079932044

Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.

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Filed Under: Mortgage for a studio flat

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

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