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Mortgage or Business loan
JC2005
Posts: 42 Forumite
Hi I am thinking of buying a Bed and Breakfast, we need a loan of about £100000.
The B&B is on the market for 490000, and we have 390000 as a down payment.
We would only need the loan for say 5 years.
Is it better to get a mortgage or a business loan.
Also who do you think are the best brokers for either a mortgage or a business loan.
Thanks in advance.
The B&B is on the market for 490000, and we have 390000 as a down payment.
We would only need the loan for say 5 years.
Is it better to get a mortgage or a business loan.
Also who do you think are the best brokers for either a mortgage or a business loan.
Thanks in advance.
0
Comments
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Whichever gives you the lowest interest rate over the 5 years you’ll forecast you need it for.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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Be a mortgage whatever the loan type. As the lender will require security for the money adavanced.1
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And if the income to service the mortgage is going to come from running the B&B, then it's a business loan anyway, surely? See a broker.1
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Kind of what I thought, I was thinking if it was a business loan the interest might be tax deductible?0
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