We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy to let or Commercial mortgage required?
Options
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
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards