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Purchasing a Garage. How to Finance?
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A friend wants to purchase the leasehold on a lock-up garage, its a 75 yr lease with option to buy freehold. Its for sale at �20,000 and they want to know can they get a mortgage on it, and if so, would it be commercial mortgage or what?
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Most 'normal' mortgages are over �25,001 (to get around Consumer credit act).
Really would suggest that he contact a local business finance broker (try and get a recommendation as opposed to Yellow Pages) or an independent mortgage broker.
The cheapest option would probably be to add it on to existing (home) property mortgage
Really would suggest that he contact a local business finance broker (try and get a recommendation as opposed to Yellow Pages) or an independent mortgage broker.
The cheapest option would probably be to add it on to existing (home) property mortgage
Only 1 answer
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