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Why Choose Us
Ascot Mortgages are a highly regarded UK commercial mortgage broker, with a strong reputation for competence, efficiency, diligence and honest expertise. Just as with our domestic mortgages we are able to manage a mortgage application from start to finish, meaning that we deal with all the paperwork and correspondence, even making sure that we deal with the mortgage lender’s Commercial Manager on your behalf. We have Lloyds’ ‘Broker Status,’ meaning that we are accredited by them, and we also have excellent relationships with other lenders, for example Santander and Barclays.
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As with domestic properties, owning the building where your business is based creates stability. Like renting a house, renting business space leaves you at the mercy of your landlord, who may decide to increase the rent, change the terms or even end the tenancy. Commercial mortgages sometimes offer either tracker or fixed-rate options, meaning that you can be financially better off whilst benefiting from the increased stability that property ownership provides.
The money that you pay each month, for the mortgage, is going towards owning the building, whereas you are unlikely to see any form of return for long-term rental loyalty.
The prospect of taking out commercial mortgage finance can often seem daunting, especially if you already have a mortgage on a domestic dwelling, but getting a mortgage for your business premises is often simpler than you think when you use an experienced commercial mortgage broker.
Commercial mortgages are not just for those who have ‘perfect’ credit histories. Lenders understand that sometimes people have previously experienced financial difficulties. Commercial mortgages are also available to consolidate debts or re-mortgage existing commercial mortgages. This can be a real relief if, in the current economic climate, your business is experiencing a slower period of trading.
As with any mortgage, or financial arrangement, it is imperative to look at all the offers available to you. Using commercial mortgage brokers such as Ascot Mortgages can take the hassle out of this for you.
Ascot Mortgages will make sure you qualify for the chosen lender’s scheme in advance to ensure there is no disappointment or wasted time.
You can often borrow up to 70% of the property value, perhaps more where the potential rental yields are strong.
Commercial Mortgages can not only be used for “Commercial Business” Property but also properties you are intending to rent out, such as HMO’s (Houses of Multiple Occupancy) and properties containing several self-contained flats.
The benefits of taking out a commercial mortgage are clear to see and it is important to thoroughly research your options. Due to our knowledge of the commercial mortgage sector, and our strong relationship with lenders, we can discuss your individual situation with you and help you to find a mortgage that suits your needs. Helping your business grow is our privilege and our fully-trained, specialist commercial mortgage brokers will be more than happy to discuss your particular circumstances today.
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage. You will potentially pay more interest by consolidating if the loan is increased and the term is extended.
The Financial Conduct Authority does not regulate some forms of Commercial Mortgage.
Remortgaging is applied when you keep
living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.
Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
Yes, you can use a commercial mortgage to refinance an existing property. However, it is important to consider whether refinancing is the best option for you as there may be other financial benefits of holding onto your current loan. For instance, if you have a fixed-rate loan, refinancing could mean losing this benefit and being exposed to increased interest rates. Additionally, there may be costs associated with refinancing such as early repayment fees or legal and administrative costs. Therefore, it is important to speak to a financial advisor before making any decisions. They can provide further advice on your individual circumstances and help you determine whether refinancing is the right choice for you.
When applying for a commercial mortgage, it’s important to understand what factors lenders consider when assessing your application. Generally speaking, lenders will assess things like:
It’s important to note that different lenders may prioritize these factors differently and may have specific criteria unique to their lending policies. Consult us and we will provide personalised guidance and help guide you through the commercial mortgage application process.
Yes, there can be tax benefits associated with a commercial mortgage. Here are a few common tax benefits that business owners may enjoy:
It’s important to note that the specific tax benefits and allowances can vary based on factors such as the nature of the property, business structure, and individual circumstances. Tax laws and regulations are subject to change, so it’s advisable to consult with a qualified tax professional or accountant to understand the current tax benefits and implications associated with a commercial mortgage in your specific situation.
The approval process for a commercial mortgage typically ranges from 4 to 8 weeks, but the duration may be longer if the purchase is more complex.