Purchasing a Garage. How to Finance?

[sharmar]

A friend wants to purchase the leasehold on a lock-up garage, its a 75 yr lease with option to buy freehold. Its for sale at �20,000 and they want to know can they get a mortgage on it, and if so, would it be commercial mortgage or what?

[Oneeyedvic]

Most 'normal' mortgages are over �25,001 (to get around Consumer credit act).

Really would suggest that he contact a local business finance broker (try and get a recommendation as opposed to Yellow Pages) or an independent mortgage broker.

The cheapest option would probably be to add it on to existing (home) property mortgage