Mortgage for a freehold flat .

John_Ban

Hi,
I am renting for the past years a freehold flat and I decided that is time to go forward on the property ladder.
Can i get a mortgage for a freehold flat as a first time buyer because I’m intending to make an offer to my landlord ? If no, why ?
Regards,

YHM

Freehold flats are quite specialist in terms of lender options.

But, yes, there are no further restrictions put on you as a First Time Buyer in regards to property choice, so you should be fine. Find a broker and let them source an appropriate lender for you.

Tom99

Are you sure its not the usual arrangement with your landlord owning a long lease of the flat but also a share of the freehold?

John_Ban

Thank you YHM for your answer!

Tom99, yes, i am sure the flat is freehold.
I have tried to find out on my own but online I found different options in regards with the freehold flats saying that I won!!!8217;t be able to get a mortgage on it! I am very confused why would a lender decline financing a mortgage for this tipe of property.

Regards,

Tom99

John_Ban wrote: »

Thank you YHM for your answer!

Tom99, yes, i am sure the flat is freehold.
I have tried to find out on my own but online I found different options in regards with the freehold flats saying that I won!!!8217;t be able to get a mortgage on it! I am very confused why would a lender decline financing a mortgage for this tipe of property.

Regards,

Have you checked the Land Reg to make sure there are no leasehold titles listed?

https://www.gov.uk/search-property-information-land-registry

Mortgage_Adviser

Where about in the UK is the property? It is not in Scotland is it?

John_Ban

Yes Tom99 , i did check with the land registry.

The flat is in West Sussex.
Unfortunately the mortgage advisor told me that being a freehold, i will have difficulties on getting a mortgage at a resonable cost. :-(