Hi Folks,
Assuming that I have the earnings to do it is this possible:
My wife already has a rental property so it would not be a 1st time buyer mortgage.
I know I could just get a mortgage now to build the new home and keep some cash aside to buy the commercial property but I don't want to have to start paying interest until I have to.
I also know that I could just get a commercial loan to buy the commercial property if and when it's needed but that would have a higher interest rate than a mortgage and would be for a shorter term.
Thanks in advance
Assuming that I have the earnings to do it is this possible:
- Build a new home (currently renting) with existing savings and a relatively small loan from a parent.
- Then live in new home for a few years
- Then buy a commercial property and get a mortgage on the home to free up cash to pay for the commercial property.
My wife already has a rental property so it would not be a 1st time buyer mortgage.
I know I could just get a mortgage now to build the new home and keep some cash aside to buy the commercial property but I don't want to have to start paying interest until I have to.
I also know that I could just get a commercial loan to buy the commercial property if and when it's needed but that would have a higher interest rate than a mortgage and would be for a shorter term.
Thanks in advance