Wife (sole trader) is currently running small childminding business from PPR, looking to expand/increase places. Looking at dedicated blockbuilt childcare facility at end of garden (good size 100 ft x 50 ft , good access) subject to full planning permissions,EHB approvals. Est built cost inc fit out 120K.
Cater for 20 children approx. capital grant could be available.
Query is on raising capital needed & mortgage options ??
Is PPR re-mortgage only/best option ?
Is a seperate mortgage possible on childcare building. Would a seperate folio/registration be needed ?. Interest only mortgage applicable/available? deemed as an investment ?.
Ideally want to keep seperate to PPR as seperate business
Figures
PPR value 900k approx, 340 K mortgage with lender A.
also 2 Invest props equity of 200K with lender B.
Cater for 20 children approx. capital grant could be available.
Query is on raising capital needed & mortgage options ??
Is PPR re-mortgage only/best option ?
Is a seperate mortgage possible on childcare building. Would a seperate folio/registration be needed ?. Interest only mortgage applicable/available? deemed as an investment ?.
Ideally want to keep seperate to PPR as seperate business
Figures
PPR value 900k approx, 340 K mortgage with lender A.
also 2 Invest props equity of 200K with lender B.