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Mortgage conundrum
sagara
Posts: 34 Forumite
I have about 4 years through a 25 year 90% mortgage with HSBC. I am still on about 90% as we did a few years interest only and with house prices being what they are...
My wife and I are self employed. One of our businesses is a takeaway. We'd like to buy another house at £60k for the staff and I am trying to find a way to do this with only a 10% deposit.
If we go into it as a business venture we'll need at least 25% deposit.
I am wondering if there is anyway around this.
I was thinking maybe we could get HSBC to allow us to rent our current house out (I understand they do do that). We could then rent it to our shop.
I don't know if that would then allow us to purchase a residential property?
Any ideas would be appreciated....
My wife and I are self employed. One of our businesses is a takeaway. We'd like to buy another house at £60k for the staff and I am trying to find a way to do this with only a 10% deposit.
If we go into it as a business venture we'll need at least 25% deposit.
I am wondering if there is anyway around this.
I was thinking maybe we could get HSBC to allow us to rent our current house out (I understand they do do that). We could then rent it to our shop.
I don't know if that would then allow us to purchase a residential property?
Any ideas would be appreciated....
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