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What is a Commercial Mortgage?
A commercial mortgage is any type of mortgage that is not secured against your residential property.
Buy to let mortgages are a special type of high volume commercial mortgages, and they are packaged for the volume market. In this sense you will be able to attain one from your high street lender.
Why would I use a Commercial Mortgage?
Commercial mortgages are generally used for business purposes. It is a loan that is secured against a commercial property that earns income, such as an office building or a block of flats.
Do I need a deposit or security?
A lender will usually request a minimum of a 30% deposit on the property however there a are others that will take another property as security or assets into account.
What are the terms on a commercial Mortgage?
A mortgage term for a commercial mortgage ranges from 5 years to 25 years.You can apply for a shorter term loan on commercial properties but this is classed as bridging finance.
What restrictions apply to commercial Mortgages?
The property that requires lending must be suitable and not in too much damage in the sense that it is unlikely to be able to be sold. Lenders will look at customers aged between 18-80 years old. There are also lenders who will accept customers with poor credit,missed payments and arrears.
What rates are available for commercial mortgages?
Generally most commercial mortgages are on a variable rate. Typically a commercial rate will be X% over the Bank of England Base Rate or LIBOR [ie the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks].
What types of fees will be involved?
Lenders will often charge legal fees as well as arrangement and valuation fees. There may also be early redemption penalties and exit fees.
How much can I Borrow?
Typically, commercial mortgages range from £25,000 up to £10m plus
Should I use a Broker?
It makes sense to use a specialist commercial broker who has the contacts and market knowledge to get you the best deal. . A broker will use their expert knowledge to get the best deal for the applicant.
The broker has to present your case to the lenders, so you must be truthful and fully cooperative in your dealings with your broker. Independent mortgage brokers are not committed to any lender, they will provide you with impartial advice.
Brokers who are members of the NACFB can be relied upon to have Professional Indemnity insurance and to abide by a code of practice.