Mortgage company said “no”

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Jessav

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Jul 30, 2019
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Had set my hopes on opening my own home salon. Just wanted to do a couple of days a week in school hours as my daughter starts school but the mortgage company don’t allow it. Anyone else had this issue?
 
What was their reason? Unfortunately not much you can do in this case unless you re-mortgage which isn't always an option for everyone.
 
Just won’t allow a business with clients going in and out. Got to wait until our fixed term is up in a couple of years. Gutted!
 
Santander are ok with this. Just for future reference...
 
Ah thank you! Good to know!
 
Had set my hopes on opening my own home salon. Just wanted to do a couple of days a week in school hours as my daughter starts school but the mortgage company don’t allow it. Anyone else had this issue?

I'd be approaching them again, or escalating it. Technically they are preventing you from earning money to pay the actual mortgage which is counterproductive. I'd be challenging the concept that people entering the house has any effect on the mortgage loan for the property. I could understand if your insurance company had an issue as they are insuring it, but how does visitors affect borrowing. I think you need to push back.
 
I'd be approaching them again, or escalating it. Technically they are preventing you from earning money to pay the actual mortgage which is counterproductive. I'd be challenging the concept that people entering the house has any effect on the mortgage loan for the property. I could understand if your insurance company had an issue as they are insuring it, but how does visitors affect borrowing. I think you need to push back.

From googling it's appears some mortgage providers immediately say no as residential mortgages have to be on residential properties not commerical premises. I'd still be pushing back as unless you are applying for change of use to part of your premises to commericial, and paying commerical council tax on that proportion (which I assume you're not) then the property is still 'residential'.

Many of these 'rules' are old and don't reflect the changes that happen in the world - more and more people are working from home in various capacities so the lines are blurred.
 
Thanks, think I will! The reply was from my mortgage advisor contacting them so may give it a go myself!
 
Thanks, think I will! The reply was from my mortgage advisor contacting them so may give it a go myself!

Update us when you get a reply, I'd be really interested
 
Called myself and was told that under normal circumstances they wouldn’t allow a business to be run from home but as I am wanting to only open for 10-15 hours a week it may be possible so I need to email someone else so that it is in writing to get permission. So fingers crossed!
 
Called myself and was told that under normal circumstances they wouldn’t allow a business to be run from home but as I am wanting to only open for 10-15 hours a week it may be possible so I need to email someone else so that it is in writing to get permission. So fingers crossed!

Excellent, keep us updated and fingers crossed
 
My mortgage provider said they weren’t concerned with it at all. They asked what proportion of the house would be used for business purposes (one unused room in the whole house). I wasn’t adapting the house in any permanent way and the house was still being used as a home. They just said they’d make a note that I was now working from home.
 
My mortgage provider said they weren’t concerned with it at all. They asked what proportion of the house would be used for business purposes (one unused room in the whole house). I wasn’t adapting the house in any permanent way and the house was still being used as a home. They just said they’d make a note that I was now working from home.

Likewise, and this was 15 years sgo, so much has changed in the work place world now, it's an outdated concept to restrict use these days
 

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