Hello All
I'm looking for some solid advice. I am a second-time buyer ( own my own property in a different county) My Partner has no previous mortgage however I understand since we will be going for a joint mortgage we are considered second-time buyers.
We would like to buy a property that was previously a commercial business, however, has since ceased trading. This property is owned by a family member i.e my partner family so we would be purchasing it for below the present market value.
The initial plan would be to use this as a residential property as it has living quarters upstairs. We have no immediate plan to open a new business and are really looking to bridge the gap in terms of having a residential home in two counties. I work in one county three days a week while he is permanently based in this other country.
Our question is - would this type of mortgage/purchase be considered by the banks giving that the property was registered as commercial property?
We have a 15% deposit however I also believe that as it is a second-time purchase we require 20%. Is this correct?
Applicant 1 salary: 70,000 ( public servant)
Applicant 2 salary: 35,000 (self employed)
Below are some details of the current mortgage my home:
Remaining balance: 149,741.
Remaining years: 21 yrs
Mortgage Type: Tracker 1.10%
Other Debts:
Car loan of 8,000
Current Repayments: 185 per month
Our main concern/query is the fact that is was, a commercial property. Would this have an effect of any mortgage application?
Thanks in advance and appreciate any guidance offered.
I'm looking for some solid advice. I am a second-time buyer ( own my own property in a different county) My Partner has no previous mortgage however I understand since we will be going for a joint mortgage we are considered second-time buyers.
We would like to buy a property that was previously a commercial business, however, has since ceased trading. This property is owned by a family member i.e my partner family so we would be purchasing it for below the present market value.
The initial plan would be to use this as a residential property as it has living quarters upstairs. We have no immediate plan to open a new business and are really looking to bridge the gap in terms of having a residential home in two counties. I work in one county three days a week while he is permanently based in this other country.
Our question is - would this type of mortgage/purchase be considered by the banks giving that the property was registered as commercial property?
We have a 15% deposit however I also believe that as it is a second-time purchase we require 20%. Is this correct?
Applicant 1 salary: 70,000 ( public servant)
Applicant 2 salary: 35,000 (self employed)
Below are some details of the current mortgage my home:
Remaining balance: 149,741.
Remaining years: 21 yrs
Mortgage Type: Tracker 1.10%
Other Debts:
Car loan of 8,000
Current Repayments: 185 per month
Our main concern/query is the fact that is was, a commercial property. Would this have an effect of any mortgage application?
Thanks in advance and appreciate any guidance offered.