Business mortgage with no deposit
- Chrisharry12345
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Business mortgage with no deposit
I know there are a few experts in this field on here so worth a go.
If I was looking to buy a holiday rental business that had almost a guaranteed income year on year from regular bookings, would anyone give me a mortgage without a deposit if I could show the income was enough to pay the mortgage?
If I was looking to buy a holiday rental business that had almost a guaranteed income year on year from regular bookings, would anyone give me a mortgage without a deposit if I could show the income was enough to pay the mortgage?
- Knulpuk
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Re: Business mortgage with no deposit
Depends on what income you have I think to service the mortgage - though they will not normally take the rental income itself into account.
Having no deposit also means if you were to get a mortgage it would not be at a very favourable rate.
Having no deposit also means if you were to get a mortgage it would not be at a very favourable rate.
- Ashers
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Re: Business mortgage with no deposit
Most rental type mortgages now need at least 15%-25% deposit.
- Chrisharry12345
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Re: Business mortgage with no deposit
Thats no good then
- Ashers
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Re: Business mortgage with no deposit
Business loan with your bank?Chrisharry12345 wrote:Thats no good then
- Knulpuk
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Re: Business mortgage with no deposit
The last property I bought abroad I just used the FISO Crowdfunding sub forum - raised the cash in 24 hours.
- Chrisharry12345
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Re: Business mortgage with no deposit
Ashers wrote:Business loan with your bank?Chrisharry12345 wrote:Thats no good then
For the deposit or the whole thing? Its about 500k so would need a huge deposit..
- Zimmerman
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Re: Business mortgage with no deposit
Mr Bank Manager
Can you lend me 100k so i can then get a further 400k mortgage.
Its a great business, but im not putting any of my own money in.
You need to give the Glazers' a bell Chris.
- Ashers
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Re: Business mortgage with no deposit
Would have to be for the whole thing. Otherwise, you will have issues with 1st & 2nd charges.Chrisharry12345 wrote:Ashers wrote:Business loan with your bank?Chrisharry12345 wrote:Thats no good then
For the deposit or the whole thing? Its about 500k so would need a huge deposit..
- Chrisharry12345
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Re: Business mortgage with no deposit
I know sounds stupid doesn't it. I wasn't thinking asking to borrow 100k for a deposit I was looking more at a 100% mortgage. I dont own enough of my home mortgage to use anything from that so im stuffed.Zimmerman wrote:
Mr Bank Manager
Can you lend me 100k so i can then get a further 400k mortgage.
Its a great business, but im not putting any of my own money in.
You need to give the Glazers' a bell Chris.
There is some 100% mortgages around for home purchases with large interest rates. I wondered if any of the banks or any schemes would back something with a full mortgage if they were confident enough that it was a solid investment. 2 full time wages and a business income clearing 60k profit per annum sounds alot lower risk than some of the mortgages that gets taken out these days.
I guess ill just have to wait until we win SDT
- Zimmerman
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Re: Business mortgage with no deposit
Think so Chris.
Im not expert, but it seems like all the risk on the bank(s) and none on you ultimately.
They'd have people queuing out the door on that basis.
Im not expert, but it seems like all the risk on the bank(s) and none on you ultimately.
They'd have people queuing out the door on that basis.
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