Tips to remember when considering a Commercial Mortgage
Before you begin your search for a commercial mortgage, there are a few things you should consider. Commercial mortgages usually last for 15 years or more, and are beneficial for business owners looking to buy a new property.
Although the high street, especially banks are the logical choice for a mortgage, you might consider looking for other financial providers to assist you with your commercial mortgage. You should be able to easily find a specialist commercial mortgage broker who can search the market for you, to find you the best possible deals.
Before you start your application for a mortgage, remember to check your credit rating (or credit score), depending on the rating you have, getting a mortgage may be easy, or it could potentially be very difficult. Some lenders may still accept applicants with a bad credit history, though a good history will give you more choices, and better deals. The more of your own money you’re willing to invest, the more chance you have of securing a competitive mortgage from a financial provider. You should also consider other costs associated with your commercial mortgage, including arrangement fees, valuation fees, and legal fees.
Remember to have your business records to hand, you’ll need them to prove the legibility of your business, and to show your potential lender that you are reliable, and that you will be able to afford the repayments towards the commercial mortgage once needed. You should be able to demonstrate that you can afford the loan.