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Mortgage for residential & commercial property
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earlofbarrett
Posts: 104 Forumite
Hi,
Wife is looking to move to a £200k 4 bedroom house with a 1 floor old post office attached that she wants to turn into an art gallery and run art workshops out of.
Spoke to a well known mortgage broker (among MSE visitors) and there seemed to be no issue of our combined income (£57k), excellent credit reports, and deposit from projected sale of our house being any issue with getting a 70% LTV mortgage....until we mentioned the vacant commercial property!
I'd like to stress that neither I nor my wife will be leaving our current employment in Local Government or Further Education and she would want to run this Gallery/Workshop more as a hobby in her spare time and it would not be business critical in any way to us paying the mortgage from our regular occupations.
So that said can anyone suggest the best way forward from here without paying ridiculous business rate mortgages for what is essentially a part time hobby? Would a 'change of use' to fully residential be a better possibility so it could be run as a home business?
Many thanks in advance for any advice!
Wife is looking to move to a £200k 4 bedroom house with a 1 floor old post office attached that she wants to turn into an art gallery and run art workshops out of.
Spoke to a well known mortgage broker (among MSE visitors) and there seemed to be no issue of our combined income (£57k), excellent credit reports, and deposit from projected sale of our house being any issue with getting a 70% LTV mortgage....until we mentioned the vacant commercial property!
I'd like to stress that neither I nor my wife will be leaving our current employment in Local Government or Further Education and she would want to run this Gallery/Workshop more as a hobby in her spare time and it would not be business critical in any way to us paying the mortgage from our regular occupations.
So that said can anyone suggest the best way forward from here without paying ridiculous business rate mortgages for what is essentially a part time hobby? Would a 'change of use' to fully residential be a better possibility so it could be run as a home business?
Many thanks in advance for any advice!
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