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Buy to let or Commercial mortgage required?
flowerstar_2
Posts: 13 Forumite
Wonder if anyone can help?
I have a shop with a 2 storey maisonette above - it's on a commercial mortgage charging 2.5% above the BOE base rate. Obviously, a buy to let product would be much cheaper - I read something about the FSA relaxing rules on this if the residential part is 40% or more of the dwelling. Does this mean I'd get a buy to let on it?
The shop is on a brand new 5 yr lease, and the flat has been refurbished to a high standard and being opp. a university will let out no problem so I'd be in a position to apply fully tenanted.
Is there anyone out there who could shed light on this one?
P.s. I have around 25% in equity within the property
I have a shop with a 2 storey maisonette above - it's on a commercial mortgage charging 2.5% above the BOE base rate. Obviously, a buy to let product would be much cheaper - I read something about the FSA relaxing rules on this if the residential part is 40% or more of the dwelling. Does this mean I'd get a buy to let on it?
The shop is on a brand new 5 yr lease, and the flat has been refurbished to a high standard and being opp. a university will let out no problem so I'd be in a position to apply fully tenanted.
Is there anyone out there who could shed light on this one?
P.s. I have around 25% in equity within the property
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