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  • FIRST POST
    • Al44
    • By Al44 4th Oct 17, 12:01 PM
    • 9Posts
    • 2Thanks
    Al44
    Any solutions?
    • #1
    • 4th Oct 17, 12:01 PM
    Any solutions? 4th Oct 17 at 12:01 PM
    My tenant wants to buy a property she lives in, however she runs a child care business from it. She has been told that her registered work address cannot be the same as her residential home address and therefore she wouldn't be able to purchase it as a residential mortgage , as it would be deemed commercial.

    The problem is that as it's a residential property it is still classed as that and will not fit the criteria for a commercial mortgage unless this was changed through a planning application.

    Feeling a little stuck here can anyone help out with a solution?
Page 1
    • Rambosmum
    • By Rambosmum 4th Oct 17, 12:05 PM
    • 1,477 Posts
    • 1,931 Thanks
    Rambosmum
    • #2
    • 4th Oct 17, 12:05 PM
    • #2
    • 4th Oct 17, 12:05 PM
    I suggest she tries a different lender/broker. Plenty of people work from their home & run businesses from their home without a commercial mortgage so there will be banks out their willing to lend.
    • G_M
    • By G_M 4th Oct 17, 12:28 PM
    • 41,448 Posts
    • 47,809 Thanks
    G_M
    • #3
    • 4th Oct 17, 12:28 PM
    • #3
    • 4th Oct 17, 12:28 PM
    Independant mortgage broker.
    • phill99
    • By phill99 4th Oct 17, 1:05 PM
    • 7,981 Posts
    • 7,221 Thanks
    phill99
    • #4
    • 4th Oct 17, 1:05 PM
    • #4
    • 4th Oct 17, 1:05 PM
    Just transfer her registered work address as her accountants.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
    • Al44
    • By Al44 4th Oct 17, 2:40 PM
    • 9 Posts
    • 2 Thanks
    Al44
    • #5
    • 4th Oct 17, 2:40 PM
    • #5
    • 4th Oct 17, 2:40 PM
    Just transfer her registered work address as her accountants.
    Originally posted by phill99

    would that be straightforward if she's had her company registered at her home address all this time? Just thinking about the information on her business bank statement address showing her home address. or could she just say that her bank statements show her home address as a correspondance address if asked?
    • eddddy
    • By eddddy 4th Oct 17, 3:00 PM
    • 5,267 Posts
    • 4,907 Thanks
    eddddy
    • #6
    • 4th Oct 17, 3:00 PM
    • #6
    • 4th Oct 17, 3:00 PM
    Is she doing this to mislead the lender? i.e. Is she pretending that she's running a child care business somewhere else, and not in the house?

    If not, and it's just a case of having a different business address...

    Many businesses use 'virtual offices' - essentially just an address to receive mail and perhaps a virtual phone switchboard - with no employees based there.

    She can give the bank the virtual office address.

    She doesn't even need to change her registered company address (if that's what you mean).

    Google 'virtual office' for some details.
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