Getting a mortgage on a flat above a shop?

concrete_kid

I've seen a flat above a shop in the area where I already live. I was just wondering how easy it is to get a mortgage on this type of property? A few have came up over the last couple of years and they are much cheaper than similar size flats that aren't above shops?

The flat is on for 80K and I'd have a deposit of around 10k. It's above an antique shop.

Also, are there any other issues with flats above shops, I've heard they tend only to be sold to cash buyers, is there a reason for this?
Anyone have any experience in this area?

Thanks

kingstreet

Limited number of lenders.

Possibility of change of use of shop.

Lease issues.

Insurance.

Any one or all can be an issue affecting future saleability.

concrete_kid

Yes, I understand there could be a change of use and I could end up living above a chippy.

Even if they did grant the mortage, would it be something you would avoid?

kingstreet

Not my call.

You asked for the potential issues and have to make a decision which will affect you, not me.

amnblog

It's not just buying it, it's selling it on later that you need to consider once the 'Chippy' is in place.


'Cheaper' flats are cheaper for a reason.