Stress!! Business Mortgages

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
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dsk1980dsk1980 Forumite
11 Posts
edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
My partner and I opened a hairdressing salon last year and rent the property in which we operate.
Our Landlord has offered to sell us the property for a heavily discounted price, as his 91 year old father-in-law lives in the flat above the property (which we would also be purchasing) and they want him to stay there for a relatively low rent.
We are desperate to buy the property, but as we have only been trading for 7 and a half months, have little proof that the business is doing well (which it is).
The bank also want 20-30% deposit £40-60k, which due to us putting all our money into the business last year, we cannot get our hands on.
Our only chance is re-mortgaging the property in which we live, where we can get a maximum of £30k out.

Does anyone have any ideas how we can buy this property?!?
(I know it;s a long shot!)

We just don;t want someone else to buy the property, as we are unlikely to have the chance to do this again.

Any help would be greatly appreciated! :confused:


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