Commercial Mortgages

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Commercial Property Mortgages

A commercial property mortgage is a loan for purchasing or refinancing a property that will be used for businesses. These mortgages differ to personal home mortgages as they cannot be applied for online and it isn’t as easy to compare rates. There is also the obstacle of tight commercial lending as the affordability test is stricter, which could impact both the speed and the success of your application for a commercial mortgage loan.

Commercial Mortgage Brokers

There are two different options available when it comes to commercial mortgages:

  • Owner-occupied – This involves purchasing a new premises for your business to move to or buying the premises where you are already operating.
  • Commercial buy-to-let – This is for buying premises which you are looking to let out to another business.

The lending criteria for the two mortgage types will vary, along with the length of the loan and the lending period. The majority of commercial lenders will not consider approving any loans which are less than three years, so it is recommended to look at other forms of commercial finance if you require a short-term loan.

In most circumstances commercial property mortgages can be arranged for up to 25 years, however, this will vary depending on the situation of your business.

If you require further information or have any questions, contact us today to speak to our commercial mortgage brokers here at Stuart Brown Mortgage Services.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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