We have been preapproved for a certain amount for our own purposes. Will the bank lend us more if we buy an entire building that has both a flat to let and commercial premises. What is the best bank/financial institute to ask? What other things must we consider in buying this type of building
We are in the UK.
2006-09-30 02:23:45 · 8 answers · asked by answers_anyone 2 in Business & Finance ➔ Renting & Real Estate
So you already know how much they are willing to lend. The best advice I can give is to shopa round the banks to find the best one. talk to a financial Advisor as to your next steps.
2006-09-30 02:26:14 · answer #1 · answered by Scatty 6 · 0⤊ 0⤋
As stated in other answers best to speak to your lender/financial adviser. What the money houses will be looking for though is a good prospect of tenants and/or current leases that are attributed to the building. IE if the commercial part already has a tenant on a 15 year lease then the banks would take that into consideration on the amount to be lent against the building. as you know banks only like to lend on a safe bet. any uncertainty or doubt will cost you more in both interest and deposits.The main question to be asking if there are no tenants, is how easy will this be to let. if you think that you will not be able to rent quickly and for profit then don't buy on impulse. only take this option if you see a long term future for the area or other development opportunities within the structure and you have enough cash to cover the mortgage shortfall without tenants. speak to local estate agents/surveyors to asses the rental value and likely hood of finding tenants with ease and speed.
2006-10-07 04:12:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
it realy just depends on the mortgage lender shop around and find out fraid thats the only way to know for sure
good luck
2006-09-30 02:33:04 · answer #3 · answered by kj 5 · 0⤊ 0⤋
i would ask a motgage advisor from the bank/building society who has preapproved your application
2006-10-04 08:09:27 · answer #4 · answered by magiclady2007 6 · 0⤊ 0⤋
Why not try making enquiries at a bank, where they should provide you with all the information necessary
2006-09-30 02:31:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i work for a mortgage advisor
if u wish u can email me. (gayanck@yahoo.co.uk)
Our company based in south east London
2006-09-30 05:18:15 · answer #6 · answered by Gayan K 1 · 0⤊ 0⤋
not to sure, best thing you can do is go back to your mortgage advisor and ask
2006-09-30 02:26:27 · answer #7 · answered by ♥fluffykins_69♥ 5 · 0⤊ 0⤋
difficult to say, best thing to do is to shop around.
2006-10-04 02:57:48 · answer #8 · answered by Krishna 6 · 0⤊ 0⤋