Studio flats are understandably popular with singles and couples living in areas where house prices are high. Despite their relative affordability, studio flats can often be difficult to get a mortgage on.\r\n\r\nIn this article, we\u2019ll talk about studio flat mortgages and what you need to bear in mind when applying for one.\r\n\r\nTrying to arrange finance for a studio flat? Get in touch - the expert advisors we work with may be able to help you.\r\n\r\nHere\u2019s what you\u2019ll learn in this piece\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#can-you-get-a-mortgage-studio">Can I get a mortgage on a studio flat?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#studio-flat-criteria">Studio flat mortgage criteria<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#affordability-assessed-studio-flats">How affordability is assessed on a studio flat mortgage<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#btl-mortgage-studio-flat">Can I get a buy to let mortgage for a studio flat?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#specific-lenders-studio-flats">Are there specific mortgage lenders for studio flats?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/studio-flat-mortgage\/#expert-studio-flats">Speak to an expert broker about mortgages on studio flats<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="can-you-get-a-mortgage-studio">Can I get a mortgage on a studio flat?<\/h2>\r\nYes you can, depending on your individual circumstances. Various types of mortgage, including residential and buy to let are available for studio flats, but whether your application is successful will depend on how closely you meet the lender\u2019s eligibility requirements, which can be more stringent than for other types of property.\r\n\r\nDepending on where the studio is located, it may be deemed \u2018non-standard\u2019 by your prospective lender - which means that may offer less favourable terms, or refuse to lend outright.\r\n\r\nFor flats inside blocks, lenders will often put more stock in the comments of the surveyor\/valuer than they would for other kinds of property. If the surveyor reckons that the property has resale potential, your lender will be more inclined to work with you.\r\n<h2 id="studio-flat-criteria">Studio flat mortgage criteria<\/h2>\r\nAsides from your personal profile (which we\u2019ll cover below), financing a studio flat often comes downs to a few things...\r\n<h3>The size and design of the flat<\/h3>\r\nDespite the recent growth in \u2018micro homes\u2019, some lenders just aren\u2019t keen on lending on flats below a certain size - usually 30 square meters, though there can be some exceptions (depending on the lender and the property in question).\r\n\r\nIn terms of configuration, there are certain design features which some lenders prefer. For example, lenders will favour a flat in which the kitchen area is separate from the main area - and they\u2019ll be put off by one in which the entrance is accessed via an exterior walkway.\r\n\r\nThe design and surroundings of the building in which the flat is located are important too.\r\n<h3>Any nearby commercial property<\/h3>\r\nA flat located adjacent to or above to another commercial property can be problematic. Lenders are particularly wary of nearby noisy commercial activities, such as nightclubs and bars - or businesses which could pose a fire risk (such as restaurants).\r\n<h3>The construction and height of the building<\/h3>\r\nFlats in buildings that are seven floors and up can cause problems with some lenders. Some (but not all) kinds of concrete construction can also put lenders off. The opinion of the surveyor can be particularly important here and lift access is preferred by some mortgage providers, especially on multi-storey buildings.\r\n<h3>The amount of time remaining on the lease<\/h3>\r\nAssuming it\u2019s a leasehold property (which the majority of flats in the UK are), most lenders prefer there to be a long time remaining on the lease. Properties with short leasehold agreements in place are considered higher risk due to being more difficult to sell.\r\n<h2 id="affordability-assessed-studio-flats">What affects if I can afford a mortgage on a studio flat?<\/h2>\r\nThe above affects how much risk the flat itself may present to a lender.\r\n\r\nBelow we\u2019ll cover some things that affect how much of a risk a lender sees you as.\r\n<h3>Your income sources<\/h3>\r\nA lender is very interested in how much you make (and how you make it). In their ideal world, you derive all of your income from a huge PAYE salary. If you\u2019re looking for a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/" target="_blank" rel="noopener noreferrer">self-employed mortgage<\/a>, or want to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/income-types\/using-commission-and-bonus-income-for-mortgages\/">include bonuses or commission in your mortgage application<\/a>, or have more \u2018unorthodox\u2019\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/income-types\/" target="_blank" rel="noopener noreferrer">income sources<\/a>, lenders may deem you as \u2018non standard\u2019.\r\n\r\nThat said, there are specialist lenders who cater to the self-employed and people who make much of their money from bonuses. The advisors we work with can help you to find them.\r\n<h3>The additional costs involved<\/h3>\r\nWhen calculating your affordability, most lenders will take into account the extra charges that come with flat ownership, including the annual\/monthly cost of the lease, service charges and ground rent. These will likely be factored into your debt-to-income ratio.\r\n<h3>How much of a deposit you have<\/h3>\r\nThe larger your deposit (and the lower your loan to value (LTV) ratio) the happier the lender. The minimum deposit requirement you\u2019re likely to need for a studio flat is 10% (if it\u2019s a standard residential property), although some lenders might accept 5% under the right circumstances.\r\n<h3>Your credit history<\/h3>\r\nThe cleaner your credit history, the better.\r\n\r\nSome marks on your record may not be a barrier to entry - but if you have a more serious issue, such as a recent bankruptcy, you may need to find a more specialist lender. Take a look at our\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/" target="_blank" rel="noopener noreferrer">guide to bad credit mortgages<\/a>\u00a0if you want to know more.\r\n\r\nIf you\u2019re still concerned about your credit history, just get in touch. The advisors we work with are experts in helping people to find finance, even if bad credit is a factor.\r\n<h3>Your age<\/h3>\r\nCertain lenders set<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/maximum-mortgage-age\/" target="_blank" rel="noopener noreferrer">\u00a0upper limits on the age<\/a>\u00a0of an applicant (at some it\u2019s 75, others 85). Some don\u2019t mind, provided you can show that you\u2019ll be able to make your payments beyond retirement.\r\n\r\nOlder people may want to consider a specialised retirement property instead. These are often offered at a below-market rate, and only available to people in their 60s and over.\r\n<h2 id="btl-mortgage-studio-flat">Can I get a mortgage on a studio flat for buy to let (BTL)?<\/h2>\r\nAssuming that a lender isn\u2019t put off by the construction or configuration of the property, getting a BTL mortgage for a studio flat could be possible - with the right lender of course.\r\n\r\nAs is standard, you\u2019ll probably need to provide a larger deposit (<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/buy-to-let-deposits\/" target="_blank" rel="noopener noreferrer">most lenders have a minimum requirement of 15%<\/a>), and good evidence of the rental market in the local area. Some lenders will be more open to the idea if you\u2019re willing to offer up some collateral.\r\n\r\nMost buy to let mortgage providers base their lending decision on the viability of the investment, i.e. whether the forecast rental payments will cover the mortgage payments. For more information visit our\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/" target="_blank" rel="noopener noreferrer">page on buy to let mortgages<\/a>\u00a0or make an enquiry.\r\n<h2 id="specific-lenders-studio-flats">Are there any specific studio flat mortgage lenders?<\/h2>\r\nAll things being equal, some lenders take a more favourable view on studio flats. There isn\u2019t really one firm that is best for this, as every borrower\u2019s circumstances are unique, every lender has its own criteria, and the market is always changing.\r\n\r\nGet in touch and we\u2019ll see if the advisors we work with can find the perfect lender for you.\r\n<h2 id="expert-studio-flats">Need a little help? Speak to the experts<\/h2>\r\nIf you have questions about buying an ex-council property and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/property-types-advice\/" target="_blank" rel="noopener noreferrer">here<\/a>.\r\n\r\nThen sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. \u00a0\u2013 We don\u2019t charge a fee and there\u2019s absolutely no obligation or marks on your credit rating.