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Mortgage for potential business
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jellybeantinker1
Posts: 49 Forumite
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January 2024 Grocery Challenge - January 2024 (£65.08/ £150) / Yearly (£65.08 / £3000 (£250/month) )
Mortgage free since 2013! One of our best decisions was to pay the mortgage off early!
Mortgage free since 2013! One of our best decisions was to pay the mortgage off early!
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I imagine you would need some sort of commercial mortgage or loan. I would suggest that you approach some mortgage brokers to see how to go about this. What percentage of the total value of the houses is £100,000?0
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I assume unless you have been running the business for some time and it makes a sizeable profit you can't get a mortgage from it?Advent Challenge: Money made: £0. Days to Christmas: 59.0
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Speak to a broker, it's complicated as its part commercial. I've bought holiday lets in the past, you'll likely need to put together a business case if you want a commercial mortgage, but keep in mind the arrangement costs are usually much higher than residential, LTV can be harsher, and interest rates are usually much worse.0
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