WHAT SORT OF LOAN IS BEST FOR ME

LizMac42

Hi Everyone, 
I am a physiotherapist working partly in NHS and partly self-employed.  I pay £400 per month to rent a windowless room and am thinking of adding a small extension to my house as a clinic room to run my business from home instead of renting.  Could anyone advise which type of loan would be most suitable for this purpose - a personal loan or a business loan or any other type of loan.  I have been self-employed now for 2 years and my house is mortgaged.

[Deleted User]

If you go for a personal loan, check to see whether the lender will allow it to be used for business use. Otherwise a business loan, or a remortgage, although again there may be restrictions. 

Your options will also be informed by the amount you want to borrow.

LizMac42

Are business loans better or are they cheaper ?

[Deleted User]

Whether they're better depends on your circumstances. It's a question of rates and whether the loan is secured.

You'll need to see what rates you may get offered through the different routes. 

Sncjw

Do you own the house first. You say you rent it and the next you say its mortgaged

Herzlos

I read it that they own a home and rent a clinic room. They then want to build an extension onto their home to use as a clinic instead of renting a room.
You'd need to check that you're allowed to run a business from home; whether the council permits it, if there are any requirements on parking, whether it's allowed by your mortgage company and home insurance.

kimwp

A reflexologist I went to had converted her garage into her workspace- it had a little reception/waiting area, sink, loo etc. It seemed like a good idea to have a separate entrance, rather than strangers traipsing through your home.