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mortgage idea...info and help needed
tattooedlady
Posts: 1 Newbie
I live in a village where the pub has come up for sale. We would love to buy it and turn it into a home (failed pub for a number of years with many landlords come and gone) for our family. We cannot get a mortgage for the pub as i only work part time. The pub comes with land which we would want to sell part of to developers to extend the housing estate behind the pub. Would we be able to get a mortgage with the provision of selling the land to a developer?
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Comments
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It's unlikely. This is commercial development finance, not a residential mortgage. You'd need about 40% of the purchase price and a business plan.
Why wouldn't the current owner do the same thing and keep the profit for themselves if the execution will be as easy as you think?
Planning permission?
Finance?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
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