Banks and building societies offering range of short lease mortgages

by Aaron Strutt

Oct 14 2019

It is possible to get a mortgage if you are planning to buy a property with a short lease.

Some of the largest lenders and private banks consistently provide mortgages against flats and even houses with short leases. They also allow remortgages to pay for lease extensions for those with sufficient equity in their property.

Trinity Financial has experience of helping clients to secure the best possible rates when they are securing short lease mortgages. We have access to a range of lenders providing mortgages when there is a minimum lease as short as 30 years remaining at the end of the mortgage term, plus a track record of arranging bridging loans and equity release finance.

Intermediary lenders

Some of the most attractive terms are available through lenders with the lowest fixed and tracker rates. For example, NatWest for Intermediaries, HSBC and Nationwide for Intermediaries all require super-cheap rates and have favourable terms providing there are least 30 years left at the end of the mortgage term.

If you are borrowing over £1 million, our brokers have access to a private bank requiring 27 years left at the end of the term. Another lender has the flexibility to provide wealthier clients with short lease mortgages if there are ten years left at the end of the term.

Aaron Strutt, product director at Trinity Financial, says: “Many leasehold homeowners do not have any idea how long the lease is on their property or how expensive it is going to be to extend it. Prices start to increase significantly when it reduces below 80 years."

Examples of clients we have helped

Our client was a lawyer working for a firm in London with a large salary and regular bonuses. She had found a buy-to-let property to purchase with 59 years remaining on the lease.

We also arranged an equity release mortgage for an older borrower to fund a lease extension on her flat. The lease had reduced to 35 years and our client was keen to extend it to ensure her family had a saleable asset to leave as part of her estate. She was in her 70's.

Are you looking for a solicitor to extend your lease?

It can be hard to find a reliable and efficient solicitor to work with to extend your lease. We have worked with James Naylor from www.naylorllp.co.uk. We have also used Michael Cornwall from CB Solicitors.

Call Trinity Financial on 020 7016 0790 to secure a short lease mortgage