Can I Get a Mortgage On a Maisonette Property?

Maisonette is a term borrowed from the French, meaning “little house”, and has become an increasingly popular property type for homebuyers looking for a smart way to get more space for their money.

If a maisonette has made it onto your radar, then it’s a natural step forward to ask: Can you get a mortgage on a maisonette and how do mortgages work for this property type compared with a typical flat or house?

In this article, we explore everything you need to know about mortgages for maisonettes. From lease length restrictions to construction types and properties above shops. By the end of this article, you’ll know exactly what to expect when securing a mortgage on a maisonette. Let’s jump in.

What Is a Maisonette?

A maisonette is considered to be a small house and is often a self-contained property that usually spans two floors and can often have its own private entrance. Lenders will generally treat maisonettes in a similar light to flats, but they may pay extra attention to factors such as leasehold or freehold status, the building’s management, and any unusual features.

Today, Maisonettes are becoming increasingly popular with first-time buyers who are looking to get on the property ladder in areas where houses are priced out of reach. Considered to be a practical property of enjoying more space without the cost of a full house, Maisonettes are a great option for buyers seeking a balance between space, independence, and affordability.

How Do Mortgage Lenders View a Maisonette?

Because maisonettes differ from traditional flats and houses, lenders will typically take several factors into account when assessing a mortgage application for this type of property.

The most notable features of maisonettes are that they will often span multiple floors, may have private entrances, and can be freehold, leasehold, or shared freehold. As such, while maisonettes offer a house-like character, lenders generally treat them more like flats when assessing mortgage applications.

Here are the key factors lenders will assess in a mortgage for a maisonette:

• Property Layout: Lenders consider how many levels the property has and whether it has a separate entrance. Each of these factors can influence valuation, marketability, and perceived lending risk.
• Ownership Type: Lenders examine whether the property is freehold, leasehold, or shared freehold, since ownership affects legal responsibilities, risk exposure, and eligibility for different mortgage products.
• Lease Length: Lenders assess the remaining lease term carefully, as shorter leases can reduce property value and restrict the number of lenders willing to offer finance.
• Location & Surroundings: Properties above shops or commercial premises are reviewed for potential risks such as noise, access issues, and resale constraints, which can influence approval and interest rates.
• Construction Type: Lenders evaluate the construction materials used, as non-standard methods may affect structural integrity, insurability, and resale value, sometimes requiring specialist lenders or additional surveys.

Before applying for a mortgage for a maisonette, it’s important to consider the property’s ownership structure, lease length, and any special features. As outlined in the list above, being prepared with this information will help bolster your mortgage application and improve your chances of getting approved.

If you’re unsure which lenders are suitable for your maisonette, Boon Brokers is here to help you. As a free-free mortgage brokerage, our dedicated experts provide fee-free mortgage advice with whole-of-market access. We will search and compare mortgages across leading and specialist lenders to find the right mortgage for you.

What Lease Length Do Lenders Require for a Maisonette?

Lenders will generally require a minimum of 70 – 80 years remaining on a lease when approving mortgages for maisonettes.

One of the most common questions we get asked is: What is a good lease length for getting a mortgage on a property?

As a general rule of thumb; the longer the lease the better. Shorter leases can make it harder to get a mortgage because lenders will likely view them as higher risk. This is because a longer lease will ensure that the property retains its value over a longer time period, as well as reducing the likelihood of any legal or financial complications.

It’s important to note that the minimum lease length for mortgage approval will vary between lenders. In the case of a property with a shorter lease, it can often carry higher ground rent or service charges, all of which lenders will assess during their affordability and risk calculations. As such, it’s best practice to review the UK Government’s advice page on buying or owning a leasehold property.

At Boon Brokers, our dedicated advisers take the time to understand your needs. We provide completely fee-free mortgage advice that is tailored to your situation. If you’re unsure about leasehold vs freehold, we can help you review the property details, explain lender requirements, and guide you through all the key checks.

How Does a Shared Freehold Affect a Maisonette Mortgage?

A shared freehold agreement is when all leaseholders in a building jointly own the freehold. Typically, each owner will have an equal share and vote on decisions affecting the building, such as maintenance, insurance, and service charges.

How does this affect a mortgage for a Maisonette?

In a mortgage application for a shared freehold property, the main consideration for lenders is that all responsibilities and decision-making among the freehold members are clearly documented, typically in the lease agreement or through a Deed of Covenant.

In short: clear documentation of responsibilities and joint decision-making can generally help reduce the perceived risk by lenders. However, a lack of clear documentation outlining each freeholder’s responsibilities, or any disputed arrangements, can make lenders cautious..

If you’re applying for a mortgage on a maisonette with a shared freehold, Boon Brokers can help you find a lender that meets your needs and is comfortable with shared freehold arrangements. Our fee-free, whole-of-market service ensures you understand your options and secure a mortgage with terms that suit your situation.

Will a Maisonette Above a Shop or Business Affect My Mortgage Option in the UK?

Yes, applying for a maisonette above a shop can influence your mortgage options. Specifically, lenders often view mixed-use properties as higher risk. Your mortgage options and approval will therefore depend on factors such as the property layout, legal separation between residential and commercial areas, and proper documentation.

Lenders will typically want to know the following before approving a mortgage for a maisonette above a shop:

• The property has separate entrances and utilities from the commercial space.
• Clear legal separation between the residential and commercial areas.
• The type of business below and any potential noise or disruption to the maisonette.
• Structural considerations, such as building integrity and safety compliance.
• Proper documentation of ownership and any agreements with the shop owner.

Understanding how lenders assess mixed-use maisonettes is key before applying for a mortgage. Being aware of potential risks, required documentation, and lender preferences can help you prepare your application effectively and increase your chances of approval.

Do Lenders Care About the Construction Type of a Maisonette?

Yes, the type of construction can significantly affect lender decisions when applying for mortgages for maisonettes. Properties built with non-standard materials or unusual construction methods are considered much higher risk by lenders due to the fact that they can be harder to value, insure, and sell in the scenario that a mortgage defaults.

What Does Non-Standard Construction Mean?

Non-standard constructions simply include methods that differ from the traditional brick or block buildings.

Whether a maisonette, flat, or house, when applying for a mortgage on a non-standard construction lenders will often have much stricter criteria. This can include additional surveys, higher deposits, or specialist approval for these properties.

Knowing the different types of non-standard construction and their implications can help you plan your mortgage application:

Looking to buy a maisonette with non-standard construction?

By working with Boon Brokers, our dedicated mortgage advisers will guide you through the mortgage process from start to finish. Our fee-free, whole-of-market service helps you identify lenders experienced with non-standard properties, understand any additional survey or valuation requirements, and secure a mortgage that fits your unique situation.

What Should I Check Before Applying for a Mortgage on a Maisonette in the UK?

Before applying for a mortgage on a maisonette, it’s important to ensure all key details are in order. As we’ve explored throughout this article, lenders will assess factors such as ownership, leasehold or freehold status, and any unique property features.

Completing these checks beforehand can help you avoid unexpected issues, streamline your mortgage application, and improve your chances of approval. To make the process easier, we’ve put together a clear checklist of the key steps to follow before applying for a maisonette mortgage.

Key Checks Before Applying

• Check leasehold or freehold status: Confirm whether the maisonette is freehold, leasehold, or shared freehold, as this affects lender eligibility.
• Review the lease length: Check the remaining lease length. Lenders usually require a minimum remaining lease; a longer lease increases approval chances.
• Verify property type and construction: Lenders need to know if the maisonette is of standard or non-standard construction.
• Assess any shared responsibilities: Shared freehold or management agreements can influence lender decisions.
• Check building management and service charges: Ensure clarity on maintenance responsibilities and costs. In the scenario of a shared freehold property, ensure that there is clear documentation that outlines each holder’s responsibilities.
• Work with a trusted mortgage broker: Working with a trusted and regulated broker can help you identify lenders familiar with maisonettes, navigate complex documentation, and ensure your application meets all requirements for a smoother, faster approval process.

At Boon Brokers, our dedicated mortgage advisers have a wealth of experience securing competitive deals on maisonette mortgages. Our dedicated mortgage advisers will take the time to understand your exact needs, ensuring all guidance is tailored to your financial situation and the unique features of your property.

As a fee-free, whole-of-market mortgage broker, we provide unbiased advice and support throughout the entire process, helping you find the best lenders familiar with maisonettes and secure the mortgage that matches your need.

Contact Boon Brokers today and work with a trusted adviser who will help you with every step of your maisonette mortgage.