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Investment mortage
kgall
Posts: 57 Forumite
Hi,
I have bought, done up and sold 3 properties over the last few years (all our primary residence) but I have now seen a property that I would like to develop just for the sake of developing i.e. not to live in whilst doing it.
The property I am looking at is currently a 2 storey retail unit, although with permission for residential use on the 1st floor. I would be looking to change the whole property into 2 flats - for which there is a planning precedent in the former retail unit next door.
What sort of mortgage should I be looking at for this? Would a buy to let be OK even though the ground floor is currently retail?
Thanks in advance,
Kgall
I have bought, done up and sold 3 properties over the last few years (all our primary residence) but I have now seen a property that I would like to develop just for the sake of developing i.e. not to live in whilst doing it.
The property I am looking at is currently a 2 storey retail unit, although with permission for residential use on the 1st floor. I would be looking to change the whole property into 2 flats - for which there is a planning precedent in the former retail unit next door.
What sort of mortgage should I be looking at for this? Would a buy to let be OK even though the ground floor is currently retail?
Thanks in advance,
Kgall
0
Comments
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For something like this you would need Development Finance. No Buy to Let will be possible as the building is not curently suitable for letting.
Speak to a broker to see if there is away forward. Main thing is to have an 'exit route' to repay the development finance. If it is not watertight you could end up in troubleI 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
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