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Buying a B&B with residential Mortgage
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As I understand it residential mortgage lenders do not want the possibility of anyone other than those named on the mortgage to be able to take up residence. So, anything which can be sub-let is a non-starter for them.
I agree that it's illogical but.......
I would love to downsize.0 -
What about splitting off the cottages and buying those with the equity that I have and make the house a seperate deal.0
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One assumes the existing owners no longer want to run a B&B - could they not apply for planning permission for change of use, then split split off and sell the cottages and the house as individual dwellings ?0
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Apparently the current owners don't have to give me permission to submit a planning application to change the entire property to residential status. I have put him in the loop out of courtesy. Planning have told us they will not refuse and it should go through no problem.
Anyone any experience of this ? If I go to the bank with full residential status will they give me the money ?0 -
Apparently the current owners don't have to give me permission to submit a planning application to change the entire property to residential status. I have put him in the loop out of courtesy. Planning have told us they will not refuse and it should go through no problem.
Anyone any experience of this ? If I go to the bank with full residential status will they give me the money ?
You will still have the problem of the holiday cottages which may be insurmountable.0 -
I thought I would give everyone an update.
We applied to Aberdeenshire Council for a change of use from Class 7 to Class 9. This was granted in late August. We then submitted our formal mortgage application to Clydesdale Bank and they agreed to lend the money and we moved in last week. The representitive doinf the survey on behalf of the bank was aware of the pending change of use and noted this in his survey.
Happy days.1 -
A great outcome, well done.0
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That's good news for you and reassuring that it can be done. Enjoy your new home!0
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Congratulations and thanks for the update. Enjoy your new home!0
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