Can we convert our commercial mortgage into a residential one?

Posted on 30 January 2008

We own a shop and live in the flat above. We have a commercial mortgage. The property is split approx 65% residential to 35% business. Is it possible for us to change from a commercial mortgage to a residential or split it into 2 separate mortgages?

Many thanks Duncan

Hello Duncan,

There are very few places that would do a live/ work mortgage for you: have your mortgage broker try Saffron, Bank of Scotland, Standard Life, Nationwide and Abbey.
 
Alternatively, the more straightforward option is to split the title of the property to two leasehold properties under one freehold. A solicitor can do this for you. Only after this can you mortgage them separately.

Category: Commercial, Valuations, Freehold, leases & unusual property

 

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