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Commercial mortgage required?
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That’s interesting. I wasn’t aware that you could apply for a change of use before you buy the property.Thruglemir, yes the property is perfectly habitable as it is. They haven’t changed the layout from its original state. The reception rooms and bedrooms are simply being used as offices and there is a fitted kitchen. The only thing that might be of concern to a lender at the moment is there is no bathroom as such. There are toilets and wash hand basins upstairs and downstairs but no baths or showers so I’m not sure how a lender would look upon this?0
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They'll need a bath or shower for it to be deemed habitable, so that may be an issue.0
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Yes that’s what I thought from what I’ve read so far.0
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Just a quick update for anyone in a similar position:
After speaking to an independent mortgage advisor (who say they have dealt with a couple of enquiries regarding the same property) they said that a bridging loan would be the most appropriate way of funding the purchase.They said that the deposit is typically 25% of the purchase price with £4K set up fees and a monthly interest rate of around 0.7% and that most lenders would require you to own the property for at least 6 months before you can convert to a residential mortgage.0
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