Mortgage on house/shop - help!

emv

We are looking to downsize & to combine work & business in a cheaper property. We currently own a house & rent a shop, paying £8k pa in rent. We are looking to buy a cheaper property which includes a shop which was rented out until recently. Is there any way of adding in the rental value of the shop into our mortgage calculations so that we could borrow more money (our income is fairly low so we could only borrow about £50k & need more than that even with downsizing). We know that the shop would rent out for at least £6k & we know that our company can afford £8k so is there any mortgage lender that would consider this? Or any other way of including the shop rental value? I don't think looking at a commercial mortgage is the way ahead at the moment but we would consider this....

Vix

Let_Us_See

Is there any way of adding in the rental value of the shop into our mortgage calculations so that we could borrow more money (our income is fairly low so we could only borrow about £50k & need more than that even with downsizing).

Basically, no.

I believe no residential lender will touch this property. It will be seen as a commercial property with living accomodation.

Senior_Paper_Monitor

This property will undoubtedly be within the specialist/commercial area - mainstream high street lenders won't touch it within their residential packages.

emv

OK, that's pretty clear, thanks! Presumably if we wanted to use the shop as living accomodation though, we could go ahead with a normal residential mortgage?

Vix

Senior_Paper_Monitor

Change of use - habitation certificate (or whatever its called these days) etc, but if that is done then should be mortgageable subject to correct entrances/access/facilities etc.

emv

Thanks very much. Don't suppose you have any advice about commercial mortgages in case it appears that that's the best route for us?

Happy New Year!

Vix