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Mortgage for House with attached Business

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  • Mortgage for House with attached Business

    Hi all,

    Confused and need some assistance from people in the know.

    My parents are looking to buy a period property (domestic) which has hair salon attached. The house is a cottage with two storey extension, the ground floor of the extension is used as a salon with seperate entrance door, the first floor as a bedroom and accessed via the cottage. We believe the building is a single address i.e. the salon is not a seperate address.

    A sale has been agreed at £216k and they have around £160k in equity to put into the mortgage.

    Their current mortgage provider Britannia is not willing to remortgage with the business use (although they do not intent to retain the business and will convert it to part of the cottage if they can get in there). Is there a mortgage company around that will give a short term (1 year?) mortgage for domestic/commercial property so that they can buy the property and then apply for change of use from commercial to domestic? If so i assume they will charge a premium?

    Any advice or assistance greatly appreciated.

    Paul

  • #2
    Re: Mortgage for House with attached Business

    Any helpers out there? Assume a semi-commercial mortgage is required, can anybody shed some light on who is best to approach for this type of mortgage?

    Thanks in advance

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