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If you are looking to obtain a Multi-Unit Freehold Block of Flats (MUFB) mortgage/loan, there are some fundamental questions that all brokers should be asking their clients to ensure you are placed with a suitable lender.
Questions we will ask when sourcing a MUFB mortgage:
As a broker, it is really helpful if you have the following information to hand during the initial assessment:
• Is the property a freehold block of flats? Or are any of the units already sold off onto leaseholds?
• What is the size of each individual flat/Units? Are any of the flats/Units under 30 or 35 sqm?
• Do the flats have their own separate utilities (Gas, Electricity, Water)?
• Does the freehold contain any element of commercial usage, e.g. ground floor being a retail unit?
• Is each flat rented on a single-let basis (AST)? Or are there any non-AST arrangements, e.g. serviced accommodation / Corporate lets?
• What are the individual flat values?
How can Advocate Finance help?
MUFB mortgages/loans can be complex, but getting the correct information upfront ensures you are placed with a suitable lender from day one.
Here at Advocate Finance, we are experts in multi-unit freehold blocks of flats; so if you are looking for a MUFB mortgage/loan, please get in touch for your bespoke mortgage illustration tailored to your individual circumstances.
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