Maisonette Mortgages

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).

Freehold Mortgages

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.