There’s often some great opportunities to be had when looking for your next home if you consider flats above shops. These can be found on individual buildings, often having been business owner’s accommodation in the past, or above a row of shops in the typical 1970’s style shopping parade still found in so many towns.
And yet so many prospective homeowners find their hopes dashed because they can’t get a mortgage on a flat above a shop or commercial premises leaving them missing out on what may be a great opportunity to put down roots and make a home in a bustling, cosmopolitan part of town. Living in a flat above retail or leisure businesses is becoming more & more common in our larger cities with larger spaces available for the cost of a smaller flat in an apartment block.
Some sources believe that this rising popularity might lead to premium prices being charged in the future when the flats are sold but our top tip is to check out insurance costs before you move as premiums might be higher for flats above commercial kitchens.
Some lenders – and their valuation surveyors – are wary of lending to residential flats above retail premises as they could be harder to sell (if repossessed) than properties in a purely residential area and it’s this resale security that mortgage loans are lent against.
But all is not lost, at Martland Mortgages, we’ve years of experience in dealing with just this situation and have access to lenders who will take a more realistic approach and look at all factors.
For example, it can help hugely if the flat has it’s own private, self-contained entrance, completely separate from the business below and if there’s no smelly takeaways or restaurants right underneath, that can help prove the sale-ability of the flat.
But whatever your situation, hit the button below to start talking to us about what you need from a mortgage
Here at Martland Mortgages, we’re on your side. We have decades of experience and the network of contacts to be able to not only know which lender is most appropriate, but to present your case individually to the underwriters, explaining all aspects of your application & situation. So don’t rule out flats above shops in your search for a new home, whatever the home you set your heart on, we’ll try our very best to get you the right mortgage.
Call the Mortgage Broker on 01704 808286 today and get the mortgage you deserve.
Decades of Mortgage Broking Experience to get you the mortgage you deserve
Call us today on 01704 808286 or complete our Factfind Application for a prompt response
Westminster Chambers • 106 Lord St Southport • Merseyside PR8 1LF
You may be required to pay a broking fee. The fee will depend on your circumstances, an indication is 2.5% of the loan subject to a minimum of £2300.
The overall cost for comparison is 4.6% APR but the actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.