Mortgage Question

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nikaiyo2

Original Poster:

4,668 posts

194 months

Wednesday 4th May 2016
quotequote all
I have just looked at a couple of really nice studio flats, very quirky, ideal student lets, close to uni, right in the "student area" of town however they are very small, with mezzanine sleeping areas.

I realize this may sound like "slum landlord" territory but they really are not, they are lovely flats in a great location that I would have lived in in a heart beat as a student.

So my questions if anyone knows the answer :

1 Do mortgage lenders still require a minimum 30m2 floor area? If so will the count the mezzanine area in this?

2 Does external space count towards this 30m2, as both flats have balcony space demised on the lease plans?

Sarnie

8,025 posts

208 months

Wednesday 4th May 2016
quotequote all
30m2 will be borderline with most lenders, the minimum size is usually between 28-33m2............so at 30m2 it's going to be possible but some won't like it............

nikaiyo2

Original Poster:

4,668 posts

194 months

Wednesday 4th May 2016
quotequote all
Sarnie said:
30m2 will be borderline with most lenders, the minimum size is usually between 28-33m2............so at 30m2 it's going to be possible but some won't like it............
Thanks for the reply Sarnie, but will they count the mezzanine in the area or not?
I have measured the land registry plans and both flats are 26-28m with out and both 33ish with!

Sarnie

8,025 posts

208 months

Wednesday 4th May 2016
quotequote all
nikaiyo2 said:
Thanks for the reply Sarnie, but will they count the mezzanine in the area or not?
I have measured the land registry plans and both flats are 26-28m with out and both 33ish with!
Not usually no.

nikaiyo2

Original Poster:

4,668 posts

194 months

Wednesday 4th May 2016
quotequote all
Thanks Sarnie.

Read the lease properly and there are some other issues so won't be going near them, but thanks for your time.