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Mortgage For Mixed Use Property

  • 13-09-2016 3:04pm
    #1
    SteeveeDee
    Registered Users, Registered Users 2 Posts: 103 ✭✭


    How does one go about getting a mortgage for a mixed use property? Currently retail at ground floor with apartment overhead both with vacant possession. Ideally we would like to keep it as is,refurbishing the apartment to live in while leasing the retail unit underneath.

    I assume this is different to applying for a regular mortgage which we are already approved for.

    Thanks


Comments

  • #2
    Gadgie
    Registered Users, Registered Users 2 Posts: 1,079 ✭✭✭Gadgie


    This is an old thread, but I have the exact same question. I've just seen a property come on the market with a retail unit on the ground floor, and residential accommodation on the first and second floors. I am interested in buying it to live in the residential part myself and lease or sell the commercial part. I have mortgage approval from AIB, but was told that they can only lend for 100% residential properties. Does anyone have any experience of this?


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    Ask the auctioneer who's selling the place if they can advise the best way for a private punter to fund the purchase. It's in their interests to smooth the way for any prospective buyer so ask them.


  • #4
    Gadgie
    Registered Users, Registered Users 2 Posts: 1,079 ✭✭✭Gadgie


    coylemj wrote: »
    Ask the auctioneer who's selling the place if they can advise the best way for a private punter to fund the purchase. It's in their interests to smooth the way for any prospective buyer so ask them.

    OK, will do. I'm still waiting to hear back from them regarding the full property details. From reading the ad again, it could be that the full property is classed as commercial - even the residential part.


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