Beverley Building Society will now consider a range of semi-commercial properties, making individual decisions based on location and the percentage of residential use.
Beverley Building Society will now consider offering mortgages on a range of semi-commercial properties, making individual decisions based on location and the percentage of residential use.
Examples include extensions, garages or other outbuildings converted or already used for commercial purposes, annexes let as holiday homes, small office-based enterprises or established small shops, post offices, workshops or cafés attached to living accommodation.
Rates begin at 3.49% and the society is offering a maximum 75% loan-to-value (LTV) for capital and interest repayment products or 65% LTV for interest-only offerings.
There is a 1% fee of the loan amount and the property must have at least 40% residential usage and be fully owner-occupied.
Graham Carter, head of lending at Beverley Building Society, said: “We have in the past assisted many people with semi-commercial mortgages but have recently seen more and more people working from home and looking to relocate their established businesses there.
“Drivers for this trend seem to be achieving a better work/life balance and, at the same time, saving on the considerable costs associated with renting commercial premises.
“Our mixed-use mortgages are very much aimed at homeowners where their residential properties have an element of commercial usage.”
