- Live Work Units
- From 5% Deposit
- No Work Floorspace Restriction
- Residential & Buy to Let
- Common Sense Underwriting
- Interest Only and Repayment
- No Maximum Age
Mortgages for Live Work Units
A live/work unit is a property that has been designated by the Planning Authority as part live and part work. A live-work unit could be a house, flat or maisonette.
We usually find that, as part of the planning process for granting the conversion or building of a property, the Planning Authority will stipulate a minimum floor space that has to be used for work purposes. The remainder of the floorspace is then used as residential. The key reason for this is to encourage those individuals with small businesses to locate to an area. Often we find the types of people who purchase live work units are architects, accountants, solicitors, health practitioners, artists etc.
Sometimes, we have found, that a property has been designated as “live work” – however there is no formal definition of what percentage of floor space has to be used for work and what percentage of floor space is to be used for living.Read More >>
We are told that lenders have differing views on whether they will consider a live work unit as suitable security for a mortgage. Some lenders do not consider live work units full stop. Others will consider this type of property but typically stipulate that a maximum of 20% of the floorspace has to be used for work purposes. Once you go above 20% in terms of floorspace, then the availability of mortgages is restricted – particularly when the work element is 50% or more of the total floorspace.
At RockHopper, we can look to assist clients wishing to find a mortgage for a live work house or flat.
We appreciate everyone’s particular situation is unique, which is why we look at every enquiry on a case by case basis.
If you would like to see whether we can help you raise a mortgage or a remortgage on a live work property, do get in touch for a free no obligation quotation.