Commercial (and residential) mortgage advise
Discussion
I've seen a house I would like to buy (large detached home with outbuildings). It's currently being used as an office, but getting change of use is not an issue.
I'd like to split the purchase into the main house being a residential house, and simply porting my current mortgage across, and then buying the outbuildings through a new commercial mortgage.
The outbuilding cost is likely to be between 150-200k, so not massive, but where is best to get this, and how hard is it to get one.
I have my own business, but only been trading 1 year approx so no submitted accounts. Turnover however is circa 200k (consultant). I want to put as little down deposit wise as possible, but understand minimum is 20% which I can live with.
Does it sound possible ? If so, who's best to get such a thing. I bank with Tide for business, and my residential mortgage is with Skipton.
Am looking for an offer in principle quickly so I can put forward a fully proceedable offer on the property in full, so any help would be appreciated.
I'd like to split the purchase into the main house being a residential house, and simply porting my current mortgage across, and then buying the outbuildings through a new commercial mortgage.
The outbuilding cost is likely to be between 150-200k, so not massive, but where is best to get this, and how hard is it to get one.
I have my own business, but only been trading 1 year approx so no submitted accounts. Turnover however is circa 200k (consultant). I want to put as little down deposit wise as possible, but understand minimum is 20% which I can live with.
Does it sound possible ? If so, who's best to get such a thing. I bank with Tide for business, and my residential mortgage is with Skipton.
Am looking for an offer in principle quickly so I can put forward a fully proceedable offer on the property in full, so any help would be appreciated.
The Residential property will need to be on a different title to the outbuildings........the change of use will need to be granted and the property fully converted back to a residential property..........all before you apply for a Residential mortgage..........and then, they may not like the proximity or set up of the outbuildings that would be used for commercial use......
Your lack of trading history will hinder you also.......
Your lack of trading history will hinder you also.......
Sarnie said:
The Residential property will need to be on a different title to the outbuildings........the change of use will need to be granted and the property fully converted back to a residential property..........all before you apply for a Residential mortgage..........and then, they may not like the proximity or set up of the outbuildings that would be used for commercial use......
Your lack of trading history will hinder you also.......
Appreciate the lack of trading history, but have another option to borrow the monies from elsewhere potentially (but would prefer not to). In essence I know s london company I work for who want a Leeds satellite office and have said they would buy it and sell it back to me in 2 years.Your lack of trading history will hinder you also.......
Re the main house, it has 3 full bathrooms and a proper kitchen, so change of use should not cause any issue.
Where is best to get s commercial loan is my concern ???
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