Not so long ago we received an enquiry from a potential customer looking to get a Mortgage on a Bed & Breakfast (B&B). Our initial thoughts were that this would need to be a commercial Mortgage and we would need to refer them on to another company.
However, we made a couple of calls and it seems there is a possibility that a “normal” residential Mortgage can be obtained on a B&B property.
How do I get a Mortgage for a Bed & Breakfast?
With the lenders we managed to find, there was certain criteria that needed to be met. For example, there could be no more than 2 rooms which would be let out to paying guests – this was the bit that meant our clients needed to go down the commercial route as there were more than 2 rooms being let out in the property they wanted to purchase.
In addition to that the applicants would also need to live in the property and meet the normal credit and affordability rules.
In 7-8 years since becoming a Mortgage Broker, this was the first time I had ever had this kind of enquiry. It was nice to get something completely different to anything else we had come across before. Although we could not place it, we gave it everything and the customer had their answer within 24 hours from us and incurred no costs.
But like any other enquiry, please get in touch. We are happy to take a look into it even if our initial thoughts are that we can not do it. Sometimes we learn something new ourselves and if we can not help, you will not incur any costs from us, what have you got to lose?