Business Mortgage Service
Special features of what we offer include:
- Whole of market service
- Fast turnaround - speak to us today if you need to move quickly.
- Specialist Lenders - We have access to specialist lenders, not available on the high street.
You can call our mortgage broker team on 0117 313 7780 or request a callback.
The terms ‘business mortgage’ and ‘commercial mortgage’ both generally refer to a range of products available to either individuals or a business to purchase commercial property such as an office building or retail premises. Business mortgages are available from both high street lenders as well as by smaller lenders, some of which may not be available on the high street.
About business mortgages
Property needs to be placed as security on the bridging loan. However, as lenders perceive this type of mortgage to be of a higher risk, interest rates and arrangement fees tend to be higher than with residential mortgages. It is possible to secure business mortgages on either a repayment or interest only basis, so you may wish to first consider which options is best for your specific requirements.
You will find that the rates available for business mortgages can vary significantly depending on various criteria such as: the lender, business type and property.
Business mortgages, also referred to as ‘commercial mortgages for owner occupiers’ if you intend to use the property as a business premise, can be used for a variety of properties including: offices, retail premises, restaurants, bars, gymnasiums, care homes and schools.
To get a commercial mortgage you generally need:
- A positive credit rating, some lenders may be more willing to offer mortgages to borrowers or businesses that have adverse credit histories.
- A deposit, as this type of mortgage is perceived as being a higher risk you will usually be required to place a larger deposit on a property than would be expected with a residential finance option.
- Information to evaluate if the property would be worth enough to cover the loan in the event that you defaulted on your repayments.
- Evidence to show that you can keep up with your repayments.
- Lenders may require you to provide a detailed business plan with a full set of projections if you are intending to purchase a business along with its premises.
Using a mortgage adviser
Business mortgages can be particularly complex and there is a diverse range of products available from both larger lenders as well as specialist smaller lenders, some of which can only be accessed via a professional intermediary.
You may then wish to consider using the services of an independent mortgage adviser to help you make the right choice when it comes to finding the right business mortgage. Not only could an independent adviser offer you impartial advice, but one which offers a whole of market service can search across different lenders on your behalf to find the most suitable products for your business mortgage needs.
If you want to find out if Fair Mortgages could help you get a business mortgage, then why not fill in our online contact form to request a free initial consultation from one of our advisers? You can also get in contact with us by calling directly on: 0117 313 7780.