Complicated scenario



We own a property who's combined out of a store (grounds floor) and 2 floors above.
The 2 floors were 3 beds and we renovated them to 5 beds. The store needs renovation.
The property is freehold.
Our mortgage broker told us not many lenders will barrow money to this kind of a property as it is classified as commercial (because of the store). So some suggested to split the flat and the store and lease them and then it will be easier to mortgage.
At the moment we are stuck as we're not sure how to progress and in the meanwhile the lenders reduce the LTV to 60%-65% with 5.4%, what used to be 70%-65% with 4.9%.
It seems like the market is not going to get better soon and we're not sure whether we should take the mortgage offer even though it is not as attractive as it used to be or wait and see how the market is doing.
We have no mortgage at the moment on the property so we have no rush financially but we want to grow our portfolio and don't want to wait too much.
Also, the mortgage broker want us to pay the application fee anyway, no matter if the mortgage is approved or not and that is 1.5% + valuation fee which is together around £2000.

If anyone has an idea how to get out of this situation best I'll appreciate it.

Best regards,


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