Mortgage, commercial element

tigerfrog

Hi,
first post on here so please excuse me if I put anything stupid.

My husband and I currently run a business from our rented home. We're looking to buy and have found a great place which happens to be a nice sixzed house with 2 seperate flats and and office/shop downstairs which will be great to contunie to run the business from. The flats are small and ideal for our semi-retired parents to visit/ semi-live.
The estate agent said everything was registered as residential so we had a mortage agreed in principle. When we looked into it a bit more we discovered the flats and house are residential but the office is commercial. The council say it's easy to get a change of usage from comercial to residential for the shop/office.

We explained all to the mortgage company who have said they can only give us a retention mortaged based on us converting the whole place into one house with 3 entry/exit points - not really what we want to do (a 9 bedroom house with 3 entry/exit points is a bit extreme anyhow)

I guess my question is does anyone know of any way we can get a mortgage for the property without going along the comercial route - it's going to be our house with a couple of 'granny' flats. We're going to use the office as an extension of the house just as we do with our extension now. We're thinking of going to a financial advisor but our recent experience isn't great when it comes to using these when a commercial side envloved.

We're kind of stuck with what to do and maybe who to speak to. Are there certain advisors who specialise in mortgages/loans for those wanting to work from home

Any help/advice will be great. Sorry if i sound so vague or unknowledgable!

Thrugelmir

Is the property for sale as 3 seperate units?

If so. Suggest you buy the 2 flats with BTL mortgages and the remainder on a commercial mortgage.

tigerfrog

No it's for sale a one unit, which is causing us the issue. It has one set of deeds that covers the whole building.

It is really spilt, 5 bedroom house, 2 bedroom flat, 2 bedroom flat, one office - but it was a lage house that has been split over the years but kept on one set of deeds. The council tax is split into 4 though, 3 residential and one commercial.

Thrugelmir

The two flats and office could become leasehold properties with the house owning the freehold by splitting the title deed.

A good conveyancer would advise you on this.

tigerfrog

Sounds good - do you think this would be possible on a residential mortage though?

Thrugelmir

tigerfrog wrote: »

Sounds good - do you think this would be possible on a residential mortage though?

I was thinking along the lines that having the properties seperate would add value. Also allow you flexibility.