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Issue with acquiring mortgage for a part residential/part commercial property
Ash81
Posts: 2 Newbie
I am looking to purchase a property which is a three-bed house with a small shop in the front two rooms.
I currently run a retail business just down the road. I lease this and live in a flat above. Purchasing this new property would therefore by perfect for us and seems perfectly suited to a family in our situation.
However we are having great difficulties getting a mortgage on the property due to it being part commercial and part residential but only having one set of deeds for the whole property
The estate agents are sadly absolutely no help. The house and property are really nice - the location is excellent and the price is very fair - so we really want to at least find a solution to enable us to put an offer in!
Any advice is much appreciated.
I currently run a retail business just down the road. I lease this and live in a flat above. Purchasing this new property would therefore by perfect for us and seems perfectly suited to a family in our situation.
However we are having great difficulties getting a mortgage on the property due to it being part commercial and part residential but only having one set of deeds for the whole property
The estate agents are sadly absolutely no help. The house and property are really nice - the location is excellent and the price is very fair - so we really want to at least find a solution to enable us to put an offer in!
Any advice is much appreciated.
0
Comments
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Speak to a broker and give full details.
You will need a commercial mortgage. Are you intending to move yoru business into the new property? Do you have accounts prepared showing decent levels of income?
What percentage deposit do you have?I 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 -
Yes we will move the business into new property and live in the house. Accounts are in place.
Currently working with a 20% deposit but are hoping to be able to raise more if necessary0
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