Split the title, make it two separate properties, get a regular residential mortgage on one and a commercial on the other.

Keeping them both under one title will invariably mean having to do the deal on a semi-commercial basis, which these days is just as bad as full commercial in terms of interest rates and charges.

By splitting the title (a relatively inexpensive process), you can at least benefit from the best of the residential rates on your main property and with the mortgage on the rental property being slightly higher due to the commercial interest rate you will have more to offset against the rental income to reduce your income tax liability.

Trying to do it all as one property will likely not be the cheapest overall option.

This is something that would be worth speaking to an IFA / mortgage broker about. I am sorry that you have not had great experiences so far. It would likely be worth approaching an IFA who works on a fee basis as they are likely to take more of an interest in your case. Commission-based advisers get nothing until completion of the case and when they can sometimes see a vast mountain of documentation likely to be required they can shy away from it in favour of an easier life.

Hi

I may be going about this in totally the wrong way, and I'd be grateful for any advise about how to tackle this a different way but I'm getting now joy out of IFA/brokers at the moment!

Myself and my partner are trying to organise a fairly large tricky mortgage, and we had advice from IFA/broker about 8 months ago which turned out to not be so good advice, and then he ignored any correspondence. We've since found another, on recommendation by someone else (albeit they had a straightforward mortgage), but getting her to do anything is like pulling teeth. I guess any IFA/broker will only want to do more simple cases as they'll get their share/fee quicker without so much work. So am I going about this the wrong way, should I be approaching hundreds of companies myself and explaning the situation over and over again until I find a lender that can take us on?

Situation in brief. We have one large house which we are in the process of renovating and splitting into 2 (or blocking the door between the 2 more like). We want to do holiday lets from one part, and live in the other. We investigated splitting the deeds and getting 2 different mortgages, but have recently been told we could go down one mortgage route (keeping the deed whole), which will allow partial residential and partial B&B for all intents and purposes. As part of the new mortgage we need to pay off some debt and raise some more cash to continue with the renovation of the residential part. the B&B/holiday let part is almost complete but need a little more cash from the mortgage to get it ready to market. Apparently this type of mortgage (I think from Nationwide) is not guaranteed and each application is looked at on a case by case basis.

Since getting this idea from the latest broker, I've said we'd like to go down that route, but would be interested in knowing the interest rates so we can be sure we'll be able to afford. but since then I've been waiting weeks for an answer, because I assume she's working on less taxing cases. Is there another way of going about this without it taking months and months to get to not even to an application stage? as we had wanted to have the property ready to market for holidays by Easter, but this is looking more unlikely by the day!
Yours frustrated.