Mortgage On Leasehold Property | Leasehold Mortgage Requirements

If you are looking a new to the property market and looking to purchase a property, you may be encountering lots of new terminology, one such word is leasehold property, and you manyy be asking yourself what does leasehold property mean? Having a leasehold on a property means that you will only own the property for a fixed period of time, and the property will revert to the freeholder`s (landlord) ownership at the end of the lease agreement / term. When lookinf at properties you will find that most flats will be leasehold, but more and more house`s are falling under leasehold agreement`s especially housing association properties.

Many leaseholds will also have a monthly management fee, this is paid to the freeholder and should go to pay towards paying towards the upkeep of communal area`s of the estate / flat.

How is a leasehold different to a rental property

When you purchase a leasehold the length is usually over 50 years and often upto 100 years, you can also extend this lease term as time goes by and you have much more rights opposed to a rental property, it is very difficult to be evicted from a leasehold property, although if you do break the terms of the lease it may be possible for the freeholder to obtain a ‘forfeiture proceedings’ from court.

Can I get A Mortgage For A Leasehold Property

Yes there are a number of mortgage options available for buying a a leasehold for a property, although the term left on the lease will have a big impact on the mortgage options available, you will also often find that the mortgage deals offered will be offered at a lower loan to value than that of a freehold property.

Can I Change The Lease On A Property

Yes you can negotiate changes to the lease, this process is refered to as varying the lease and will involve talking and negotiating to the landlord / freeholder. If agreement cant be reached there is a government tribunal process which you can go through with the Leasehold Advisory Service.

First Choice Finance - Offering Leasehold Mortgages
We have been operating for over 30 years as a specialist mortgage broker offering all different types of mortgages including mortgages for a leasehold mortgage. We have access to lots of mortgage deals and scheme`s on the market and deal with the different major lenders as well as some specialist property banks that tend to deal with professional introducers only. Contact us now to see how we can help you and we will get you the best deal from our vast product range.

Leasehold Mortgage With Adverse Credit
If you have had credit problems in the past and are having difficulty obtaining mortgage finance then it is possible that we could assist you. We currently have a number of lenders offering very competitive rates for those who may have come under difficulties in the past. Whether you have had arrears, county court judgements or have existing debts it may still be possible to obtain mortgage funding at competitive rates. Please complete are simple online enquiry form to speak to one of our qualified mortgage adivsors.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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