Low value mortgage or loan for purchase

[JCKST1]

Looking for a quick bit of advice.

We have been offered the unit we currently work from as the land lord is wanting to free up some cash I believe.
The value is approx 35k which is fairly low for a commercial mortgage but I 'think' possible with a 20 - 25% deposit which I might be able to get at a push (currently completing on a BTL property so need funds for that as well).

Anyway I am thinking it maybe easier to get a 30k loan over 10 years, we pay £310 rent per month now so I think it will be in that ball park and of course paid off in 10 years. Has anyone got a business loan of this amount before and if so what sort of rates did you get and who was the best lender?


Thanks in advance.

[Pot Bellied Fool]

It changes all the time but anything of that ilk I fling at my ugly mortgage mate, knows his onions as he's been in the game forever. Give him a ring, he'll be happy to talk it over and let you know if it'll fly or not. 01704 808286 (Graham)

he's a fee based broker but there's others that aren't, personally I've found him worth every penny but all depends on your own circumstances.

[matjk]

Why not get a 10 year mortgage on it , you will always get better rates over a loan .
Value seems about right 10 x yearly rent is a good rule of thumb .
Good move to buy , in 10 years it becomes rent free and you own it