pls help! dunno where to start!

snow_queen

:-[

Ok, I hope someone will be able to hrlp me here! Hubby and I want to buy a small hotel or gueshouse in Blackpool! They go for about £120k, we have a 2 bed flat in Bucks to sell which we are getting valued Monday (we think its worth £120k) and we have a mortgage on it of £75k

What next? is it a commercial mortgage we need? if so how much is the deposit and how do they work etc? and when do I apply etc?

Havnt found anywhere in Blackpool yet!

Many thanks in advance

Joe_Bloggs

It's high season in Blackpool at the moment. I doubt there are many properties converted/unconverted for sale. You might have more luck when there are no tourists and the Irish Sea is battering the coastline in late Winter. I feel more research is required.

There are more genteel places on the Fylde coast worthy of consideration but still close to Blackpool.
It's only my opinion and feel free to dismiss it without consideration.
J_B.

cath-w

This is all guessing, but I imagine that if you get a commercial mortgage then you may need to show projected income on the property and prove you can pay the mortgage.

If you get a personal mortgage then you may have problems if you do not tell the bank it is a business and that you are relying on income from guests to provide the money to pay the repayments. It will be different if you have another independant stream of income.

Don't forget to look at how much commercial insurance will cost you as I believe that you will need to have this too and it may be expensive.

To be honest I would approach my bank and ask them for info on what to do. This should start you off on giving you some ideas and what you need to investigate and where to find the info.

C.