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Mortgage for £18000
thelazytrumpeter
Posts: 11 Forumite
Hi,
I would like to buy a garage and convert it into an office. I don't currently have a mortgage and would like to get a small £18000 mortgage to buy it.
Does anyone know if this is possible? Do people do mortgages so small or would it have to be a personal loan? Not to sure about the personal loan route really.
Matt
I would like to buy a garage and convert it into an office. I don't currently have a mortgage and would like to get a small £18000 mortgage to buy it.
Does anyone know if this is possible? Do people do mortgages so small or would it have to be a personal loan? Not to sure about the personal loan route really.
Matt
0
Comments
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Either a commercial mortage or personal depending on a number of issues - assuming you are sound financially (have deposit/conversion cost) should be doable either way.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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If the office is for your own personal use, you don't want a commercial mortgage, as that would be far too expensive.
Residential lenders will do a mortgage of that size.
Some won't go less than £25000, but I'm pretty sure Halifax for one would do £18000I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes the garage is for my own personal use.
Most lenders don't seem to do mortgages for garages. Halifax included. I have phoned loads - wondered if anyone knows a mortgage company that would do it.
Matt0 -
Garage (standalone - I am assuming this is not a build in your garden job, in which case it would become part of your property) converting to office is never going to get a residential loan!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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