Buy to let over a shop mortgage

halzar

Hi, so I owe a leasehold 124 years flat outright, I have it rented through an agent at £525 PCM value £70-85K and I would like to finance it, I know this is tough that's why I got it cheap 2 years ago, but I've been on TMW website and cant find in their criteria anything against it.
Its above a long established hair salon, has a baguette/ foodie place not A3 nearby, has there been any changes to lenders recently to get a mortgage?
I have a BTL mortgage on another property and I share another on top of that, if that helps.


Thanks for any advice

Dave_Ham

You have highlighted a couple of the critical factors regarding type of commercial premises, but much will come down to surveyors comments on these sort of flats.

May want to try and speak to a valuer in advance or try and find a product with a free valuation (not too many on buy to let's)

Depending upon the rest of the shops there is probably a home for this, subject to your absolute details including your income.

amnblog

Flats above or near to hairdressers and takeaways or cafes are particularly unloved by lenders.

halzar

Thanks for your replies, I knew A3 shops and bookmakers too, but why are hairdressers bad? 9-5 and no smells or bad clients?

Still do you know if TMW are a option, when I brought the flat and refurbed it, I asked a broker to arrange finance, he said that the TMW wouldn't touch it and tried BM, and the valuer said how nice it was but it was not something BM dealt with and the aldermore valuation came back at £70,000 and their minimum is price is £75,000 so wouldn't do it?
Any advice would be much appreciated 😊

amnblog

Now we have the additional complication of a modest valuation.

Engage a mortgage broker.

halzar

I have gone to a mortgage broker and we are going with Natwest?? I'm very surprised, but will wait and see what the valuation says