Mortgages for Guest Houses

Mortgages for Guest Houses

Guest house mortgages: compare them

If you want to purchase a property and run it as a guest house, there are various options available.

Depending on the property you choose and the number of guest bedrooms you intend to have in your guest house, you may need to get a commercial mortgage instead of a residential mortgage.

With this mortgage, you can purchase a property with the specific intention of opening it as a guest house rather than using it as a private residence.

Providing easier access to mortgages for guest houses 

 A guest house mortgage can be facilitated by factors such as:

• Having a good credit history without any outstanding debts or County Court Judgments
• A large deposit is likely to make you more attractive to the lender since it means they have to lend you a lower amount of money in the first place
• At least one mortgage applicant will run the proposed guest house full-time
• You should present a 12-month financial forecast and anticipated accounts for your guest house. Mortgages for guest houses can be easier to get if you have previous experience running a small business
• You should be prepared to show three years of accounting records if you intend to take out a mortgage for a guest house

To investigate your finance options if you run a guest house call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464