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want to apply for a mortgage
wants2know
Posts: 2 Newbie
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If you are buying a business, the purchase price is normally split between bricks & mortar, stock and goodwill. You may be able to get a commercial mortgage for the property and a business loan for the purchase of the other things.
You need a business valuation and a source of commercial finance, such as your own personal bank.
I don't understand what you mean by this;-
please clarify.I will have a lump sum to pay off towards a house, which would be a greater amount to what id be asking for, would i be accepted for a mortgage?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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Right.
So the issue is the business as a source of income for a residential mortgage?
Good question.
Haven't a clue. I suspect you may have to satisfy a lender's minimum trading/ownership period before you will be considered.
One to run past your usual lender or broker, methinks.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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