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ne of the biggest things to consider is how much deposits required for a Commercial Mortgage? This can vary between properties and businesses. There are some really good reasons for buying, rather than renting, business premises. The stability is a big point, also is the fact that, in tough economic times, you are not vulnerable to any sudden rent increases.
If the property increases in value, then your business capital will increase too. It is likely that you will be paying similar on your mortgage as you would on rent, but obviously once a mortgage is repaid you will own the property.
The LTV values vary, but are loosely around the following amounts:
These are average guides, however, and the actual, specific amounts can vary. Different lenders can sometimes offer different amounts and can also vary their offer dependent on the borrowers’ business position. This variation means that seeking advice from an experienced mortgage broker, who has experience in the commercial market, is essential.
Ascot Mortgages are well-versed at dealing with different LTVs and lenders, and can make sure that you get the best deal. Ascot Mortgages will know which lender is the best, for you and your business, based on the deposit and property type that you need, including restructuring existing commercial mortgages and semi-commercial mortgages.
Whatever the business that you have, similar principles apply. You need to have a comprehensive set of accounts, which provide detail into your businesses’ financial history. You need to prove to the lender that you are a safe bet to lend to, and also that you can afford the monthly repayments.
The Financial Conduct Authority does not regulate some forms of Commercial Mortgages.
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.