could I get a £600k mortgage?

[missp2010]

I have a bit of a nuts idea, I'd just like some advice about whether or not it could be done. We are looking to move house and have found a property on the market for £700,000 our current house is worth roughly £340k we'd make about £120k so we'd need a mortgage of £600k. We do not have a big income at all, I'm a sahm and dh is a teacher. The thing is the property we're looking at has a swimming pool which the current owners hire out to swim/dive schools apparently making £3000 a month. They also say that they often turn people down, so it could be possible to make even more income from the pool. This income could therefore cover the mortgage payments.

Do you think any bank would lend us the money to buy this house? Or am I being completely stupid?

Thanks for any opinions.

Surely hiring out the pool on a regular basis would make the property liable to business rates too>

Op - hope you come back. To answer your question - yes, it's possible that you could get that mortgage if you got a financial advisor and self certified.

Due to the current financial crisis I would say it's now unlikely but I was offered a 400k mortgage on a 38k salary 10 years ago.

Well call me a genius but how about this? In the Op's budget - and a diving board!! Hope she is in Staffordshire.....

You will find it extremely difficult to find a self-cert mortgage now, no mortgage company wants to take the risk.

Infact I would say almost impossible.

I think you would need to propose a business plan to the bank so that part of your mortgage becomes a commercial mortgage.

Go to a mortgage advisor and have chat with them.

No harm asking etc.

Othervise you will regret you didn't :)

Do people normally flounce away on Property/Diy threads. How strange!

Really?

You come on mumsnet with a bonkers idea that a couple where only one of them are working, should be able to take out a £700 mortgage, on the assumption that the pool will pay the mortgage, not having seemingly considered the cost of pool maintenance and heating?

You waste peoples time? Several people have taken you seriously and given you figures, and politely explain stuff, and you get a hump and flounce?

Cant be for real, this....

But, made my morning giggle

, this should cheer you up...

@ K999

I know someone who runs a swim school from her house. When I worked out the costs involved I concluded that that full time swim school basically covered the running costs of the pool, once salaries, insurance, maintenance etc had been taken into account. It made her unpopular with the neighbours too with the continual turnover of cars parking around the property. Run away!

Very very very funny

This thread is a right bubble.

Nlatlarge. OMG that house, never ever from the front picture would you suspect that behind that door lies a swimming pool with diving board

OP, for goodness sake, your reason for flouncing just doesn't hold water. You want advice? You get it straight, not watered down.