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Commercial or residential mortgage??

Lilang
Lilang Posts: 2 Newbie
in Mortgages & endowments
Hi,

I'm looking at buying a business which is being run from home, so I'm basically buying a home and business. I'd need a mortgage but could pull together a reasonable deposit. What sort of mortgage would be best - commercial or residential?

Thanks in advance for any response

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What's the nature of the business?
  • amnblog
    amnblog Posts: 12,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not an easy question to answer. The make up of the property is key.

    There will be a commercial element.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lilang
    Lilang Posts: 2 Newbie
    Hi,

    The business is a boarding kennels, which are based on the land of a detached house. The house will be our home
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Lilang wrote: »
    The business is a boarding kennels, which are based on the land of a detached house. The house will be our home

    In that case what you're buying is a commercial property (which happens to have a residence as part of it). It's a commercial mortgage you're looking for.
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