Studio Flat Mortgage
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Studio Flat Mortgage
How to get a mortgage on a studio flat, with James Bull.
What is a studio flat and can you get a mortgage on a studio flat?
A studio flat is essentially a single room where the bedroom, living room and kitchen are all in one room as opposed to having those things in separate rooms. And, yes, you can get mortgages on studio flats.
How big does a flat need to be to get a mortgage? Can you get a mortgage on a property under 30 square metres?
Some lenders do have criteria around minimum square footage or minimum square metres. But there are also lenders without minimums.
So if you want to purchase a property of under 30 square metres, an independent mortgage broker that works with all the lenders would find a suitable mortgage. We will find an appropriate lender who would accept that.
What types of mortgages are available on studio flats?
You can get the same type of mortgages as on any other property. You can buy on a residential basis to live in, or on a Buy to Let basis to rent out. You can have a capital repayment mortgage, interest only and you can choose from fixed rates, tracker rates and all types of mortgages.
What are the lending criteria for a mortgage on a studio flat? Can I buy a studio flat with a 5% deposit?
The deposit required does vary between lenders on flats. Some lenders require more deposit than others. It also depends whether it’s a new build property or not – that does make a difference.
We have lenders that will accept a studio flat with a 5% deposit – so it’s the same as usual. We’ll take all the details of your circumstances and recommend the most suitable lender for you.
Can you get a mortgage on a studio flat without a deposit?
Zero deposit mortgages are not widely available on standard purchases. But there are government schemes where you can buy without a deposit. The main one is the shared ownership scheme, which is probably the best option for somebody that doesn’t have a deposit.
How do UK mortgage Providers calculate affordability on a studio flat?
Mortgage affordability is just the same on a flat as on any other property. The main things that are taken into consideration are your income, expenses and credit commitments. How much deposit you’ve got is also important.
The main difference on a studio flat – and all flats, actually – is that they do sometimes have additional charges. For example, there may be ground rent and service charges. Those will be taken into consideration and can affect how much you can borrow.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Do I need to pay stamp duty on a studio flat?
The simple answer is yes, based on normal rates.
Can I get a mortgage on a studio flat for Buy to Let? Are there studio flat mortgages on a Buy to Let basis?
Yes – lenders do have criteria around properties, but there are Buy to Let lenders available for studio flats.
Can I get a mortgage on a studio flat if I am self-employed?
Yes, as long as your self-employed income meets the lender’s criteria and it’s high enough to support the mortgage you want. You can just apply as normal if you’re self-employed.
Can I get a mortgage on a studio flat as a First Time Buyer?
Yes – as long as our circumstances support the mortgage you want, First Time Buyers can apply for studio flats as normal.
Which lenders offer mortgages on studio flats? Are there any specific studio flat mortgage lenders?
There are no specific studio flat mortgage lenders, but there are about a hundred lenders in the UK, each with their own criteria around what they will and won’t accept. So, when we’re talking to clients we explore your circumstances and the property details to recommend the most suitable lender.
How long will it take to get my first mortgage on a studio flats and how long will the mortgage application take?
It normally takes around three weeks for the lender to approve the mortgage, but that does vary from lender to lender. It depends on their service levels and how busy they are. It’s no different on a studio flat to any other mortgage – it takes the same amount of time.
What happens if I do not qualify for a mortgage on a studio flat? What do I do if a lender declines my application?
It’s not always the end of the road if you’re declined for a mortgage. As a broker, we’ll look at the reasons why and see if there are any alternatives. We’re happy to put another application in with a lender where you’re more likely to be accepted.
How can a broker like JB Mortgages help you get approved for a mortgage on a studio flat?
As brokers, we’ve got access to all the lenders’ criteria and we know what they will and won’t accept on the property itself, and the person applying for the mortgage too.
We will only ever submit an application to a lender if we’re confident it’s going to be accepted. That saves a lot of time and stress for clients applying for mortgages, compared to applying direct for products they never stood a chance of getting.
Your home may be repossessed if you do not keep up with your mortgage repayments.
The Financial Conduct Authority does not regulate most Buy to Let Mortgages.
