Semi commercial mortgage, advice needed!

Itismehonest

Charliezoo wrote: »

Thank you. I thought it would be unlikely to be possible to get a residential mortgage but I am surprised how clueless the EA/mortgage advisor/vendor are about it, especially as its been on the market for 9 months.

We have an IT business and will probably use it to store computer parts and domestic items before deciding on a more permanent use for it . We are both the only CDs so this shouldn't be a problem. The stables would be nice to rent out, just so they're not sitting empty but we aren't experienced in livery and would only expect our expenses to be covered in rent.

The main priority is to buy the house but we wouldn't want to change the use of the whole property to residential as we would like to use it for business in the future. Would submission of a business plan really be necessary? Our current business is established and in profit and the business accounts contain enough money for a good deposit, further boosted with the equity in our house which is on the market.

Thanks again.

Yes, normal residential EAs & advisors are completely clueless over these sort of mixed use properties. We own one & put it up for sale in summer 2011. Plenty of viewers, plenty of interest but nobody could get the money. I looked into why & discovered the problem was lending & that the only buyers able to purchase would be those paying cash. We took the place off the market in the autumn of the same year. I told the EA about the mortgage problem - they didn't even know. "We've got about 30 of these properties on our books at the moment".
Meanwhile, those other similar properties have been on the market for years (some had already been up for sale long before we started), knocking hundreds of thousands off their prices & quite possibly the owners still haven't a clue that, as things stand, unless a cash buyer turns up, they're going nowhere.

The vendor may be in a position to split the deeds so that the residential & commercial parts are separate but it may be a costly affair depending on rights for access, utilities etc.
We're now using CAB & are off to see our MP soon as the situation is totally ridiculous.