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Semi-commercial mortgages are available for people who want to buy a property which has both residential and commercial elements. Property consisting of mixed use would typically be pubs with a self-contained residential living area, flats above shops, guest houses with owners accommodation, HMO’s with a retail unit and holiday parks with residential accommodation.
Semi commercial mortgages are available for both freehold and lease hold properties. Generally lenders will lend up to 65-70% with a maximum of 75% of the purchase price or value, however if the applicant has equity in other property(s) some lenders will consider this as additional security and may potentially lend up to 100%.
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A semi-commercial mortgage is designed for properties where there is a business unit and a residential dwelling in the same building. This could include, for instance, a shop with a flat above it or a residential dwelling where some of it has been converted into a business, for example a pub or a guesthouse.
It does not make any difference what percentage of the property is residential or commercial, even if 70 per cent of the building was residential then a commercial mortgage would still be required.
Both investment and owner-occupier mortgages are available. This means that if you are looking to buy a property to rent out then a semi-commercial mortgage is available to finance it. Also if you are seeking to lend the funds in order to buy premises to work from then this is also an option.
It is often possible to benefit from interest-only periods, often for the full duration of the loan in some circumstances. This can often make the monthly repayment lower, which is particularly useful if you have just set up a business or moved into a bigger unit.
As with any financial commitment it is prudent to shop around before signing any paperwork. The range of options available can be lengthy and complicated to sift through especially as you are also running, or starting up, a business.
Using an experienced commercial mortgage broker such as Ascot Mortgages to find the most suitable commercial mortgage finance deals can save you the time and trouble of searching through the options yourself, and as they are “whole of market” brokers, you get the peace of mind that every possibility has been looked at to ensure we find the very best mortgage for you.
Using Ascot Mortgages will save you all the time it takes filling in application forms, because we can complete all the paperwork on your behalf, presenting you with the best options that you can then choose from.
Our fully-trained advisors pride themselves on giving independent, impartial advice and we offer a no obligation initial quote free of charge. Taking advantage of this offer means that we can advise you on the best semi-commercial mortgages without any commitment from you to proceed.
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.