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Mortgage for residential property with shop? Commercial?
E=Mc
Posts: 1 Newbie
We are looking at purchasing a property to live in as a home which has a shop attached. The shop will be rented to provide an additional income but we will be living above in two storeys of the property. Although the residential part of this property is larger, the shop is only a third, we are being told we need to obtain a commercial mortgage and have 30-35% deposit. As we currently only have 20% this is very frustrating. This is not merely a buy to let investment this will be our home. Does anyone have any advice regarding this...please?
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Comments
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I'd find a broker that specialises in semi-commercial lending and would say you are likely to need more than your 20% depositSo many glitches, so little time...0
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Save more.I am employed as a manager in a financial services institution. My views are entirely my own.0
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I agree with Dave.
This is a semi-commercial proposition and you're likely to end up with a clearing bank. I'd expect the loan to value to be 70% to 75% maximum.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It'll be a regulated commercial mortgage (due to percentage of living space for mortgager and/or family of). Limited number of lenders in that game.
As Mr Kingstreet says - no chance of 80% LTV.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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