Putting a charge on a property for a deposit for another.

[bmt216a]

Hello,

Looking at a commercial mortgages as I'm interested in a house to live in which also has 3 holiday cottages onsite. They have been generating an income for 20 years. Commercial mortgages require at least 20% deposit. I can only front 10% deposit but can easily make up the rest of the deposit with the equity in another property I have.

My question is, instead of remortgaging the other property to make up the rest of the deposit, would a lender accept a charge on the property?

cheers

[akirk]

do you not need to check your mortgage conditions on the other property?
it may be that you can put no secondary charge on it (assuming they are not the mortgage lenders already) and if they did they wouldn't get first dibs anyway, so why would they want to...

could you remortgage with the current lenders?

[AyBee]

akirk said:

do you not need to check your mortgage conditions on the other property?
it may be that you can put no secondary charge on it (assuming they are not the mortgage lenders already) and if they did they wouldn't get first dibs anyway, so why would they want to...

could you remortgage with the current lenders?

Think this will be your main difficulty.

[bmt216a]

Thanks for the pointers, your right there. I'm still waiting on a slow mortgage broker