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First time buyer & mixed use purchases (empty shop & apartment)

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  • 29-05-2015 2:46am
    #1
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,140 Mod ✭✭✭✭


    Apologies if this has been asked before:
    could a commercial property say ( ground floor) with an apartment up stairs (first/second floors) - would/ could the bank lend under the one 'dwelling' mortgage?how difficult would it be for the seller to put the apartment up for the total sum required and the commercial space as say zero, thus avoiding separate mortgages.

    I appreciate other related items like planning and rates etc but is there precedence for this kind of deal working?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Providing you weren't planning on living in the apartment- both properties could qualify under the one umbrella as an investment mortgage. I'm not sure that its possible to do this- if you're planning on letting out the retail unit (or running it as a retail unit)- I strongly suspect any good solicitor would insist on separate folios for the two properties, and to have them treated in this manner for mortgage purposes too (aside from anything else- it would give you the option of selling one, but not the other, property (either) at a future point in time if you so decided).

    Its not as unusual as you are suspecting- talk to a mortgage broker.


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