Cashback Remortgages · Property checks
Mortgaging a Leasehold Flat
Most flats are leasehold, and the lease terms directly affect a mortgage. Lease length, charges and any restrictions are all relevant to lenders.
Lease length matters
Lenders care about the remaining lease term because it affects value and saleability; a short lease can make a flat hard to mortgage. Extending a lease has its own process and cost.
Ask for the exact remaining term early, as listings can be out of date.
Charges and terms
Service charges, ground rent and rules on alterations or subletting affect affordability and acceptability. Some high ground rents have attracted lender caution. Confirm details through your conveyancer.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.