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  • FIRST POST
    • shamilt1
    • By shamilt1 9th Nov 18, 7:45 AM
    • 44Posts
    • 16Thanks
    shamilt1
    Can I remortgage my house to buy a workshop?
    • #1
    • 9th Nov 18, 7:45 AM
    Can I remortgage my house to buy a workshop? 9th Nov 18 at 7:45 AM
    Hi all. Iím happy to say that at the grand old age of 49, Iíve finally managed to pay my mortgage off...yey! Anyhow Iíve seen a nice little workshop near me that Iíd like to buy....I must be missing having a mortgage! Itís selling for about a third of what my house is worth so I was thinking of remortgaging my home to buy this property. Can this be done and is this the best way? I contacted two lenders, Coventry B.S and Hanley as they had the mortgage products I wanted to go for but they both said they wouldnít lend on my home to buy a commercial property. So now Iím confused...
Page 1
    • foxy-stoat
    • By foxy-stoat 9th Nov 18, 8:54 AM
    • 3,801 Posts
    • 2,148 Thanks
    foxy-stoat
    • #2
    • 9th Nov 18, 8:54 AM
    • #2
    • 9th Nov 18, 8:54 AM
    Sounds like you need a commercial mortgage, speak to a broker.
    • Thrugelmir
    • By Thrugelmir 9th Nov 18, 9:52 AM
    • 62,450 Posts
    • 55,553 Thanks
    Thrugelmir
    • #3
    • 9th Nov 18, 9:52 AM
    • #3
    • 9th Nov 18, 9:52 AM
    Lenders may well restrictions on the purpose of an equity release. Building societies are there to provide mortgages for the purpose of buying residential property. Commercial lending isn't their market.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • butterflybook
    • By butterflybook 9th Nov 18, 11:23 AM
    • 122 Posts
    • 38 Thanks
    butterflybook
    • #4
    • 9th Nov 18, 11:23 AM
    • #4
    • 9th Nov 18, 11:23 AM
    You could use the help of a broker as lenders can restrict lending depending on the reason you are raising monies - Most do not like raising money for business purposes for example
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • shamilt1
    • By shamilt1 9th Nov 18, 12:01 PM
    • 44 Posts
    • 16 Thanks
    shamilt1
    • #5
    • 9th Nov 18, 12:01 PM
    • #5
    • 9th Nov 18, 12:01 PM
    Just been into HBSC and talked to their mortgage guy. No problem releasing equity from my house to buy this property apparently and has agreed it in principle. Off in to do the full application next week. Happy days!
    Last edited by shamilt1; 09-11-2018 at 12:01 PM. Reason: Bad spelling!
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