- Studio Flats
- All Sizes Considered
- Common Sense Underwriting
- Residential & Buy to Let
- From 5% Deposit
- Above Commercial
Mortgages for Studio Flats
At RockHopper we can look to assist clients who wish to arrange a mortgage or a remortgage on a studio flat, sometimes called a studio apartment or suite.
A lot of clients who do get in touch with us and are looking to arrange a mortgage on a studio flat tell us they are frustrated that their Bank will not consider the proposed studio flat for a mortgage either because:
- They don’t consider studio flats as part of their lending policy;
- The studio flat is too small (usually under 30 or 25 square metres);
- There is no separate kitchen and bathroom; and/or
- The flat is above commercial premises such as a shop, office or restaurant/take-away.
This may mean they are unable to purchase the studio flat they have set their heart on or, alternatively, they may not be able to remortgage to a better deal or raise monies for home improvements, debt consolidation etc.
Lenders often tell us they are reluctant to lend on studio flats as they are concerned that, in general, the demand for studio flats is typically lower when compared to 1 and 2 bedroom flats. As there is lower demand then this could affect the resale value of studios flats and therefore make it more risky for the lender to offer a mortgage.
However, we appreciate that this broad-brush tick-box approach does not work for all studio apartments. It all depends on the size of the studio flat and its location. For instance, it is hard to see how a studio flat in a prime Central London area would not be in demand given its location.
We appreciate it is important to look at every case on its own merits in a careful manner. We do assist clients who have slightly unusual circumstances or wish to purchase unusual properties.
If you would like to see whether we can help you with your right to buy purchase, do get in touch for a free no obligation quotation either by telephone or sending us an enquiry.