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Commercial Mortgage 25% deposit
Sunny1982
Posts: 1 Newbie
Hi All,
I am new to this and was wondering if some one can give me some well sought advice. I have followed this site for a while and have seen some interesting solutions to problems. I am thinking about the future now. I want to buy a commercial property which consists of a retail unit leased out for 1 years and a first floor flat on AST generating an annual rent of £6720.
The property is worth £65,000 and I can afford a a 25% deposit, does anyone on here know of any broker's or lenders themselves who could lend on these basis?
My Wife and I own our house but the mortgage is on her name, when the house was bought (I was completing a Degree) hence why I'm not on the mortgage. Both our credit files are excellent according to equifax. We will be additionally borrowing £10,000 on our current mortgage and the shortfall of the property will be made up from savings upto a 25% deposit, there is also another property we are looking at but is valued at £75,000 same sort of situ but the rental income is about £7,000 per anum we could push for a deposit of 25% on both these values buying one or the other. I earn £30,500 per anum and my wife earns £19,000 per annum.
Is this a pipe dream or is it possible?
I am new to this and was wondering if some one can give me some well sought advice. I have followed this site for a while and have seen some interesting solutions to problems. I am thinking about the future now. I want to buy a commercial property which consists of a retail unit leased out for 1 years and a first floor flat on AST generating an annual rent of £6720.
The property is worth £65,000 and I can afford a a 25% deposit, does anyone on here know of any broker's or lenders themselves who could lend on these basis?
My Wife and I own our house but the mortgage is on her name, when the house was bought (I was completing a Degree) hence why I'm not on the mortgage. Both our credit files are excellent according to equifax. We will be additionally borrowing £10,000 on our current mortgage and the shortfall of the property will be made up from savings upto a 25% deposit, there is also another property we are looking at but is valued at £75,000 same sort of situ but the rental income is about £7,000 per anum we could push for a deposit of 25% on both these values buying one or the other. I earn £30,500 per anum and my wife earns £19,000 per annum.
Is this a pipe dream or is it possible?
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