Getting a mortgage for high rise flats in the UK is not that easy because of various reasons. As mortgage experts, we have seen a number of people coming to us asking for mortgages for high rise flats. So in this, we will discuss the key things that you need to know before applying for a mortgage on high rise flat.

High rise flats are becoming more popular in London, Manchester and other major cities across the UK. They offer a great lifestyle as they come with all the amenities that one would expect from a regular house but at a fraction of the price. However, getting a mortgage for them is not as simple as it sounds. The reason behind this is that there are certain rules and regulations that apply to these types of properties. This article will help you understand what makes a property eligible for a mortgage and how you can get one for your high rise flat.

Post Topics

Mortgage On High Rise Flat

What are High Rise Flats?

How do I Get a Mortgage for a High Rise Flat?

Why getting a ‘high-rise mortgage’ can be hard?

What are the benefits of getting a mortgage for a High Rise Flat?

Next Steps


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What are High Rise Flats?

There is not a single definition of high-rise flats. It depends upon where you live. In some places, a high-rise flat means that the building has an elevator. In others, it means that the apartment comes with a balcony or terrace. But the common thing about high-rise flats is that they are located above ground level. These apartments usually come with a lift or an elevator. They also come with a large living room, a dining area, kitchen, bathroom and bedroom. Some mortgage lenders will define high rise flats as buildings with 7 stories or taller. Over time mortgage lenders are becoming more acceptable for mortgage applications of such flats. But there are still tricky cases specifically including ex-council and non-standard construction properties. There are various factors that could affect the mortgages on these properties.

We have also discussed different factors in getting a mortgage on a high-rise in the old blog, which you can read here.

How do I Get a Mortgage for a High Rise Flat?

The first step toward getting a mortgage for a high rise flat is to find out if the property is eligible for a mortgage. If so, then you should be able to get a mortgage within minutes. You can check whether the property is eligible by checking its status online through the Land Registry website. Once you confirm the eligibility of the property, you can start looking for a mortgage lender who offers mortgages for high rise flats in your area.

You may want to consider contacting local estate agents and ask them if they can provide any information regarding the availability of mortgages for high-rise flats near you. Also, you can contact your bank and see if they can give you any information regarding the availability and rates of mortgages for high rise flats near you. But if you thinking of getting a loan for high rise building flat, you can contact a specialist mortgage broker who can help you to get the best mortgage deal with low-interest rates.

Why getting a ‘high-rise mortgage’ can be hard?

Getting a mortgage for high-rise buildings could be difficult because of various factors. For example, the property needs to meet specific criteria before a mortgage can be granted. One of the most important criteria is the height of the building. Some banks require a minimum of 10 floors for high-rise flats. Apartments below this height cannot qualify for a mortgage. Another factor is the location of the property. So, if you are planning to move into a high-rise building, make sure that it is close enough to public transport. This way, you can easily commute to work every day without having to spend too much money on driving costs and you can pay the monthly repayments of the mortgage. The other important aspect is the condition of the property. Most high-rise flats need regular maintenance work. If the property does not have proper drainage systems, it might cause flooding problems during heavy rains. Also, it is necessary to check the safety standards of the building. Many high-rise buildings have fire escapes and emergency exits. However, you should always consult a mortgage adviser before buying any type of property.

What are the benefits of getting a mortgage for a High Rise Flat?

There are many reasons why people prefer to get a mortgage for a high-rise flat. First of all, you can save a lot of money when compared to buying a house or an apartment. Secondly, you can enjoy the convenience of living in a high-rise building. It has more space than a normal residential building. Thirdly you will also benefit from the security provided by high-rises. They are generally located in safe areas where the crime rate is lower. Lastly, you can choose from a wide range of properties depending on your budget. You can even buy a luxury flat at a reasonable price.

Next Steps

As we have discussed a couple of things about mortgages for high rise block flats and suitable government schemes around it. There are chances that a mortgage lender won’t approve the application because of various affordability factors, so it is always better to take expert advice from a mortgage broker before starting the mortgage application.

FAQs –

Can I get a mortgage for buying a high rise flat?

Yes, of course, you can get a mortgage for a flat but you may need to contact a financial adviser before starting your application with mortgage lenders.

Is there any difference between a mortgage for a high rise flat and a mortgage for a normal flat?

No, there isn’t any difference between a mortgage and a home loan for a high rise flat. In fact, both loans are similar except for some minor differences.

How do I know whether my flat qualifies for a mortgage?

You must first find out whether your flat meets the requirements set by the bank. These requirements include the number of floors, the size of the flat, the accessibility of the area etc. Once you have found out that your flat meets these conditions then you can apply for a mortgage.

Can I get a 90% mortgage on a flat?

Yes, you can get a 90% mortgage for a flat. But remember that the interest rates will be higher than those offered for a conventional mortgage.

Do I need to pay stamp duty on a high-rise flat?

Yes, you may need to pay stamp duty for a high-rise property.

What are the advantages of getting a mortgage for high rise flats?

The main advantage of getting a mortgage for buying a flat in a high-rise building is that you don’t need to worry about the cost of construction as well as maintenance. Also, you can stay away from the hassle of finding a place to live.

Can I get a mortgage approved for ex-local authority?

Yes, you certainly can get a mortgage approved for an ex-local authority flat. However, you will have to provide proof of ownership. It is better to contact a mortgage expert for financial advice before starting the loan application.