Flats attached to commercial premises

Lisster

Hi,
I've searched for any answers to similar questions before & couldn't find much, but forgive me if they are there & this is old ground.

I'm a first time buyer, looking at flats in London. At the moment I can get together enough money for a 15% deposit, and have a steady job etc so shouldn't have too much trouble geting a mortgage. From the banks I've spoken to (3) and a mortgage broker I spoke to today, I've been told that I'll find it difficult to get a mortgage for a flat attached to a commercial property, and impossible to get a mortgage for a flat attached to a late-night business.

I saw a flat today that I half fell in love with, but it's behind a take-away pizza place. I'll check with another broker of course, but does anyone on here know if is there a way for me to be able to get a mortgage on something like this? Would borrowing more money from my family so I had a higher deposit make a difference? Or shall I just keep looking for somewhere else that's easier to lend on? Should I stop asking the internet & just ask a mortgage broker?!

Any tips gratefully appreciated & thanks for reading this.
L

kingstreet

Many lenders will not lend on property above or adjoining take-away food premises and if you can find a lender, your chances of insuring the building are also reduced and the cost astronomical.

Before you start looking at these things as a serious option, contact an insurance broker and find out how much it would cost to insure such a property.