Hi
I was looking at a proprty that is 25% commercial in terms of income and space. The rates are apportioned roughly in this breakdown as well.(Small shop plus 2 flats and some garages)
I rang up my broker to ask about lending rates and he tells me the because of the commercial component the whole deal will be treated as commercial . Commercial rates would be looking at 9% approx.
I thinkthat it would also adversely affect the insurance which would make the cover commercial which more than residential.
Does anyone know which banks will apportion the loan into commercial and residential?
What about insurance experiences in these sorts of circumstances.
Love to hear any suggestions.
I was looking at a proprty that is 25% commercial in terms of income and space. The rates are apportioned roughly in this breakdown as well.(Small shop plus 2 flats and some garages)
I rang up my broker to ask about lending rates and he tells me the because of the commercial component the whole deal will be treated as commercial . Commercial rates would be looking at 9% approx.
I thinkthat it would also adversely affect the insurance which would make the cover commercial which more than residential.
Does anyone know which banks will apportion the loan into commercial and residential?
What about insurance experiences in these sorts of circumstances.
Love to hear any suggestions.
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