Mortgage to fund a business

elementalgrace

Hi there,

Haven't posted for ages but would appreciate some advice if anyone's willing.

I am currently in a lucky situation as I own my house outright due to a small inheritance and am currently working part time to pay the bills. However, I have recently come across an opportunity to purchase an existing business doing something I have always wanted to do, and am considering getting a mortgage to fund the purchase of the business (£75k or so - good opportunity, making a solid profit). I have never had a mortgage before and wonder if this is the best course of action and what advice people would be willing to offer regarding my situation.

Many thanks and look forward to hearing from you.

PS - Not sure if this is exactly the right spot for this post, so please feel free to move it if not.

Bufger

how old are you and what would you predict your income to be realistically. Also do you have a partner it would be a join mortgage with and what do they earn?

elementalgrace

I'm 29, and given that the business I intend to buy is making a significant profit (I'm not sure what I can legally divulge), I will be taking a salary of approx 18-20k, which matches what the current owners are taking.

I have no partner to join with me on a mortgage.

Hope that helps ...