can you arrange a mortgage before the 'must own for 6mths' period expires?

ACG

Were they IFAs you spoke to? If so this could be your downfall. IFAs tend to spend more time on pensions/investments than mortgages - i used to work with an IFA he had done 6 mortgages in 5 years.

You need a Mortgage Advisor, one who does not work for an Estate Agents. If i have never done this and can find potential lenders within 30 mins of reading up then im sure any half decent broker prepared to pull their finger out should be capable of getting you what you need.

The LTV is that low there should be no reason for you to not get finance but as GMS says, its not going to be high street rates.

Dave_Ham

As suggested you need formal advice, although I cannot see past splitting deeds and raising on the residential part.

You will achieve a mortgage which is likely to be more competitive and almost certainly come with lower fees.

Lender selection will be crucial, as they will all start the 6 month clock at different times and even if split; there may be 1-2 lenders willing to overlook although would not bank on this by any stretch given the known variables involved and those which may be a barrier.

Best of luck

GMS

If you look at splitting and raising a residential mortgage then ensure the lender is happy with the purpose of the capital raising, especially if it is for business purposes.

bettyboo99

Thanks to you all we have a plan...split deeds, find a good broker and remortgage the residential bit (fortunately the capital being raised is purely for the residential bit as the shop is ok as is, so hopefully lenders will be happy) think it might be simpler to wait out the 6mths to increase pool of potential lenders...though that takes me back to my initial question about how far can we arrange mortgage in advance so it actually starts at the 6mth point. Off to meet architect tomorrow, have a feeling we may be looking at the more modest options now somehow! :-) Thanks for the pointers.

Thrugelmir

bettyboo99 wrote: »

One starts to wonder how any businesses ever get off the ground these days! Quite demoralising.

Rent premises perhaps. Once the business is established, i.e. trading profitably, then look to move to a more permanent home.

Is the building work an immediate necessity? Essential to the business.

Sometimes dreams take over from commercial realities.

bettyboo99

Just a quick update to say thank you very much to everybody who replied and also to say that...we made it at last! Have the property, have the funds and the builders due to start in next couple of months. A really good broker ended up being the key, worth his weight in gold as we'd hit a brick wall and with the changes in mortgage regulation coming in we feared we were stuffed. He navigated through it and negotiated on our behalf which was so helpful. Thanks again everyone.