What Is the Minimum Square Meterage for a Mortgage?

Potential borrowers and homeowners who are researching the various aspects of the home loan application process may want to learn more about the minimum square meterage for a mortgage. With traditional mortgage lenders, the minimum square meterage for a mortgage is generally 50 square meters of internal liveable space. However, non-traditional mortgage lenders, like Mortgage House, will oftentimes allow potential borrowers to obtain a mortgage for 30 square meters of internal liveable space. 

Traditional mortgage lenders are generally more strict on lending and require a minimum of 50 square meters of internal liveable space because anything smaller than this is classified as high-risk. Homes and units equalling less than 50 square meters are viewed as high-risk to traditional lenders because they are seen as less desirable and are generally located in high-risk, high-density inner-city areas. Due to their high-risk status, it can be difficult for borrowers to receive approval for a home loan for homes or units equalling less than 50 square meters with traditional mortgage lenders. 

However, seasoned & experienced lenders like Mortgage House generally have more home loan product offerings for homes or units equaling less than 50 square meters of internal liveable space. Units or homes with 35 square meters of internal liveable space are generally considered to be studio homes or apartments. A studio home or apartment does not have walls separating the various living spaces, so the living room, kitchen, and bedroom are one space with the bathrooms as a defined area.