Where should I start my search?

housebuyer_abc

Hi,

I have found a property that I am interested in. It is on the market for 780K and after selling my house I should have 450K in a deposit.

This would leave me needing a mortgage of 330K.

Now the property can be two properties. It has outbuildings that have already gained planning consent. Our plan is to do this up and live in the conversion and rent the original property as a holiday let.

The conversion costs would be around 100K.

So borrowings are now around 430K

The holiday let property could probably achieve 30,000 per year prior to costs.

We have an income of around 70K a year, and would not be able to start renting the original property for around a year (i.e. after the build of the new home).

Are their lenders out there who would look on this favourably as a personal/business option? If so where do I start looking?


Thanks.

housebuyer_abc

. . . . . . .

WildHaggis

It's probably do-able. Some lenders will look at it on a business case, many will take the view that it is 'commercial', and won't touch it. Are there two separate title deeds? if so, then its one 'buy-to'let', and one home.
As always 'find a fee-free whole of market mortgage adviser'.