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We would to own our own business...need some help...

(2 Posts)
porkypoo Fri 10-Jun-11 17:43:41

My husband and I are considering purchasing a large house with a touring caravan park. Does anyone know if these would be acceptable on a business type mortgage, we have our own home so would have a small deposit of around £30,000 if sold. The business currently has turnover of £200,000 with profits of £100,000 per year.

Just need to know if this is a worth looking into really is a dream that we would like to make reality.

whomovedmychocolate Fri 10-Jun-11 19:35:13

You would need to show three years accounts when you apply and also that the assets would be suitable for disposal in the event of things going wrong. These days banks are applying a 40% valuation (ie if your property is worth 100K you will only get a loan for 40K) - it's a really harsh market. If you need to borrow more heavily you will need to pay more for the financing.

It's an absolute bugger. You are actually more likely to get finance for a straight mortgage.

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