Mixed-Use Property Mortgage
At esbs we know how crucial it is to choose the right mortgage type. If you’re planning to buy a property which will be used in part for a business venture and apply for a regular commercial or residential mortgage then you will face plenty of difficulties. Fortunately, our mixed-used property mortgage service has been offered exclusively for this purpose.
What Is A Mixed-Use Property Mortgage?
A mixed-used property mortgage is a type of mortgage which enables you to purchase a property of mixed-usage, with both residential and commercial elements. It can also be referred to as a semi-commercial mortgage.
At esbs we are able to consider a mortgage for a property which is also to be used for certain types of business activity which can be carried out in a single room such as
- Hairdressing
- Dog Grooming
- Reflexology
- Physiotherapy
- Hypnotherapy
- Beauty Therapist
- Accountant/Book keeper
- Seamstress/Tailor
- Chiropodist
- Caterer /Cake maker
- Counsellor
- Dietician
- Teaching/Tuition
- Music Teacher
- Plus many more similar activities
Therefore, if you’re considering purchasing or remortgaging a property with this type of activity in mind then a mixed-used property mortgage from esbs is the right choice for you.
What are the Conditions for an esbs Mixed-Use Property Mortgage?
– Only a single room may be used for business purposes
– No structural alterations or adaptations are permitted to accommodate the business use
– No employees can work on the premises (except close relatives)
– Any external advertising of its use is discreet and has relevant Local Authority approval, and the Local Authority to confirm no change of use required
– No restrictive covenants on the property preventing business use
– The property’s buildings insurer is aware of and has agreed the incidental use
– Relevant public liability insurance is in place
– Business usage is for our borrower and does not pass with the title to a subsequent owner
– Only 50% of income from the business carried out in the property can be used. Other earned income will be assessed as usual
If you have any questions related to mixed-use property mortgage service from esbs please don’t hesitate to contact us today.
| PRODUCT | DISCOUNTED FOR | STANDARD VARIABLE RATE (SVR) | INITIAL RATE PAYABLE | APRC | EARLY REPAYMENT CHARGE PERIOD | MAX LTV | BOOKING/ ARRANGEMENT FEE |
| MIXED USE PROPERTY – SVR LESS 1.30% for 5 YEARS | 5 years | 8.19% | 6.89% (Floor 2.5%) | 7.9% | 3 years | 50% | £999 Arrangement Fee |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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