Looking for some advice please, ideally from anyone with mortgage or mixed-use experience.
I currently have a residential mortgage of approx £100k on a property recently valued at £260k. I’ve seen a property for sale at £340k which has very similar residential space to what I already have, but with the addition of a retail unit at the front. The flat is behind and I would be living in it as my main residence.
I can comfortably afford the additional borrowing needed, and the plan would be to rent out the retail space to generate income.
However, my mortgage advisor is acting like I’m trying to borrow an extra million pounds and seems reluctant to even explore options. I appreciate mixed-use can be more complex, but surely this isn’t that unusual?
Has anyone done something similar, or are there any mortgage advisors on here who can explain:
- What type of mortgage I should actually be looking at?
- Whether this is realistically doable with mainstream or specialist lenders?
- Whether I should just find a different broker?
Any advice or experiences very welcome. Thanks!