time for a lifestyle change?

evelek

I'm facing redundancy at 55 and we're thinking of selling our house on which we have quite a small mortgage and moving to a cheaper part of the country.
We then want to buy a smaller house with some holiday lets and run that as a business - and we'll continue to work part time to give us some additional, regular income.
Has anyone out there done or tried to do anything like this?
If you buy a home and business do you need a residential and commercial mortgage or just a commercial mortgage?
Presumably you'd need to go to the bank with a business plan when you find somewhere, but what are the chances of securing a loan in principle?
Any advice gratefully received.

Thrugelmir

Great to dream. Harder to make a successful reality.

Do a business plan for yourselves not the bank first.

You need to see if it can work for you.

evelek

Thanks for that. Plan is to buy a going concern if poss. Any thoughts on mortgage type welcome.