Small holiday home site buy - what type of mortgage? Commercial, business or buy to tolerate? Help, please?
We would like to buy a small holiday park in the UK. What type of mortgage should we be approaching the bank for? We're not sure if it should be buy to let, a commercial mortgage or a business mortgage. Any suggestions would be greeting. Thanks
Answers:
if you have to ask,then you own not done your homework,or are not seriously ready to be owners of a business.If it is not bricks and mortar then it is a commercial loan which you will hold to put a substantial deposit down in order to in safe hands it.Usually 30% plus.It sounds idyllic but holiday parks are a nightmare of rules,regulations and licences.It is not just buying a enclosed space to put a few caravans on.Good luck anyway,at least you own ambition.
Check out the different interest rates and you'll have your answer, you can check on the network
If you are buying the holiday park (not a unit on it) then it should be a commercial mortgage as you are buying a business. You will not be capable of get a buy to let mortgage on the park itself as it will contain more than one property. This will inopportunely mean higher interest rates but that is to say due to increased risk of purchasing a business rather than a residential property.
However, if it is an individual property on the holiday park you are looking to buy then you own a choice of buying it as a second home or under a buy to let mortgage. This will depend on your affordability. In this shield you will need to bear within mind the type of property and if it is a mobile home (even if now on bricks) you will not be able to carry a mortgage on it.
Hope this helps but if you need anything else tolerate me know Source(s): 10yrs+ as a qualified financial adviser
Related Questions:
IF A MORTGAGE COMPANY FORECLOSED ON YOUR HOME, CAN THEY STILL COLLECT MORTGAGE PAYMENTS EVERY MONTH?
My response will be off the question... if your house is contained by foreclosure, check with your city to see if they provide grants to give support to you get out of foreclosure. Are you kidding? If you...
Answers:
if you have to ask,then you own not done your homework,or are not seriously ready to be owners of a business.If it is not bricks and mortar then it is a commercial loan which you will hold to put a substantial deposit down in order to in safe hands it.Usually 30% plus.It sounds idyllic but holiday parks are a nightmare of rules,regulations and licences.It is not just buying a enclosed space to put a few caravans on.Good luck anyway,at least you own ambition.
Check out the different interest rates and you'll have your answer, you can check on the network
If you are buying the holiday park (not a unit on it) then it should be a commercial mortgage as you are buying a business. You will not be capable of get a buy to let mortgage on the park itself as it will contain more than one property. This will inopportunely mean higher interest rates but that is to say due to increased risk of purchasing a business rather than a residential property.
However, if it is an individual property on the holiday park you are looking to buy then you own a choice of buying it as a second home or under a buy to let mortgage. This will depend on your affordability. In this shield you will need to bear within mind the type of property and if it is a mobile home (even if now on bricks) you will not be able to carry a mortgage on it.
Hope this helps but if you need anything else tolerate me know Source(s): 10yrs+ as a qualified financial adviser
Related Questions:
IF A MORTGAGE COMPANY FORECLOSED ON YOUR HOME, CAN THEY STILL COLLECT MORTGAGE PAYMENTS EVERY MONTH?
My response will be off the question... if your house is contained by foreclosure, check with your city to see if they provide grants to give support to you get out of foreclosure. Are you kidding? If you...