Mortgages for Guest Houses
Our Mortgage Service for Guest Houses
Our mortgage service for guest houses offers:
- Whole of market service - we work with most UK lenders
- Access to leading market mortgage rates
- Access to exclusive mortgage deals not available on high street
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous credit issues
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of innovative finance solutions
To investigate your mortgage options if you are a freelancer call our specialist mortgage team on 0117 313 7780 or fill in our callback request form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
Compare mortgages for guest houses
In the event that you need to purchase a property with the end goal of running it as a guest house, there are a variety of options for getting the mortgage that you are likely to require.
Depending on the property you choose and the number of guest bedrooms you intend to have, it may be the case that you will be required to get a particular kind of mortgage to purchase a guest house – a commercial mortgage rather than a residential mortgage. This is a mortgage which is intended for property that will be utilized as a business resource as opposed to as a private habitation, and permits you to purchase a property with the particular intention of opening it as a guest house.
Making it easier to get mortgages for guest houses
Obtaining a mortgage for a guest house can be facilitated by factors such as
- Having an excellent credit record with no outstanding debts or County Court Judgments on your credit report
- Offering a large deposit on the property – for obvious reasons, this is likely to make you more attractive to the lender as it means they have to lend you a lower sum of money in the first place
- That at least one of the mortgage applicants will be running the proposed guest house as their full-time job
- Clear, well-considered business plans for your guest house – at minimum you should aim to present a 12 month financial forecast as well as anticipated accounts for the same period. If you have previous experience of running a small business successfully, this can be to your advantage when looking for mortgages for guest houses
- If you are considering taking a mortgage to buy a building that is already in use as a guest house, you should be prepared to show accounting records going back up to three years
To get more advice on how to get the best mortgage deals for guest houses, call us today on 0117 313 7780, or click on the FREE mortgage calculator above and compare over 5,000 deals tailored to your personal requirements.
If you are unsure about what mortgage product is suitable for you to speak to one of our mortgage advisers click here »