Short answer: Yes! However, there are several factors to take into consideration when applying for a commercial mortgage. Luckily, there are specialist mortgages brokers who can help with and advise on what you need to provide to secure these mortgages.
So, what do you need to take out a commercial mortgage? First and foremost, you will need a deposit, this could be between 25-35% of the value of the property that you would like to purchase. Secondly, the lender will look at the type of commercial property (garage, office, shop, etc) you intend to purchase and the location.
Overall depending on the type of business and its sustainability, commercial mortgages are available for many sectors, also depending on experience will determine the level of lending and terms.
What are the different types of commercial mortgages? These come under the categories: commercial premises purchase, cash injection, and buy-to-let.
A key thing to remember with any mortgage is key advice from the FCA (Financial Conduct Authority) “your home may be repossessed if you do not keep up with payments”.
Journey Mortgages is a specialist broker that can help you with commercial mortgages and more. Get in touch, and one of our friendly team with be happy to help you with your enquiry.
Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk