If you are looking to make investments into a property for your business, this can end up being a costly process. This is why you may benefit from a commercial mortgage, as this type of mortgage gives you greater flexibility so you can manage the costs a little better. The minimum amount you can borrow is £25,000, with the standard repayment length of a term being between 1 to 25 years.
Unlike a Residential Mortgage, applying for a Commercial Mortgage in Leeds is a different process. Applicants who are hoping to obtain a Residential Mortgage will need to coincide with specific lender criteria.
For a Commercial Mortgage, your lender will expect a fully detailed pitch for what you are looking to achieve, as well as any other business plan you have. Once you have your business pitch sorted, your lender will take a look at your case, and hopefully, you’ll have a point in your favour.
You’ll also need to show evidence to your lender if you have anyone linked to the ownership of your limited company. Your pitch might be strong, but if anyone at some point recently filed for bankruptcy, or your company is underperforming, then the less chance of the lender accepting your application.
Your lender will ask the person who is applying to have an asset cross charge or personal guarantee, they will ask this as a means to reducing their risk. This protects them in the event of missed repayments and is universal across most Commercial Mortgages.
If a Commercial Mortgage is a route you are looking to take, don’t hesitate to get in touch today. An advisor will be able to look into what you are looking to achieve and put you forward to a qualified Commercial Specialist who will be able to give you expert Commercial Mortgage Advice in Leeds and discuss your case further.
The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
As an open and honest Mortgage Broker in Leeds, we have a strong bond with our customers. We pride ourselves on providing all new and existing customers with free, high-quality and jargon-free financial guidance.
We aim to reduce as much stress to any who gets in touch, whether that’s speaking with one of our expert Mortgage Advisors in Leeds, or by reading one of our helpful mortgage guides. As long as you find our help beneficial and have a better understanding of the process and are fully prepared for what is in store. Below we answered some of the most commonly asked questions regarding Commercial Mortgages.
You will be expected to put down no less than a 25% deposit. Some lenders might expect you to put down more. We recommend you put down as much deposit as possible as you may get access to better mortgage deals. This will allow you to also access a better lower LTV (loan to value), which gives you better interest rates.
Yes, your lender will need to build a picture of how you spend your finances. Any business interests you have they will make a note of. All these checks are a mandatory step in the process and have to be done before you can be accepted for a mortgage. It’s the same with any mortgage, lenders need to have complete confidence when lending to make sure you can afford to keep up with all your repayments.
Your business performance will also determine your ability to maintain your mortgage payments. If you have a bad history of missing credit cards or loan payments, your lender will need more convincing to lend anything to you. But it doesn’t mean you’ll be declined for a Commercial Mortgage.
If you are familiar with using Commerical Mortgages, there may be higher chance of a lender accepting you for another Commercial Mortgage. They will also take into consideration the performance of any other businesses you have. ‘Business 1’ might be performing better, but if ‘Business 2’ & ‘Business 3’ aren’t performing as well, the lender may be skeptical of your ability to pay back.
Your lender will also consider the current state of your business is and what type of business you run. If you’re looking to open a new restaurant, bar or social area with other businesses close by, your pitch will be more appealing to the lender. On the other hand, if you are looking to do something similar but down a less populated area with nothing similar nearby, the lender may be less interested in your pitch.
It can be challenging for those trying to obtain a Commercial Mortgage in Leeds. That’s why our team of expert Mortgage Advisors in Leeds are here from early hours in the morning until late at night, ready to answer any mortgage-related questions you have.
As an open and honest Mortgage Broker in Leeds, utilising our knowledge working in the industry for over 20 years, rest assured that we will do our part to point you in the right direction.
We know that business owners work long hours. Rest assured we are open 7 days a week including weekends and sometimes bank holidays, to offer appointments at convenient times.
During your free mortgage appointment, a member of our team will match you up to various Commercial Mortgage criteria, to make sure you end up with the most suitable lender for what you hope to achieve.
Here at Leedsmoneyman, we are authorised by the Financial Conduct Authority. Meaning that all customers who come to us will always be safe and protected by our dedicated team of Mortgage Advisors in Leeds. We like to go above and beyond with everyone who gets in touch. Let us review your case and recommend the most suitable Commercial Mortgage route to take.
To provide you with expert Mortgage Advice in Leeds, our open and honest team of Mortgage Advisors in Leeds are available throughout the week at a time that’s best suits you. Make sure we work around your busy schedule, with appointments subject to availability. Book your free mortgage appointment online today and speak to an expert Mortgage Advisor in Leeds.
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My dealings with Charlie, Meghan and the whole team were exceptional. They made the progress less daunting, provided clear and friendly advice/guidance and always responded promptly to any questions or concerns I had. They secured my loan and I...
Excellent service thus far. really quick, informative and efficient throughout each stage of the mortgage process
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Would definitely recommend Leedsmoneyman Mortgage Brokers. Jason and Jennifer secured our mortgage for us - both were extremely friendly, professional and super responsive. They've both helped to make the process so straightforward.
Matt and the team, were excellent from start to finish, clear, good communication, updates and demystified the current mortgage market and the approach lenders are taking. The deal Matt found was better than I had expected given current market...
helped with getting a mortgage. Very helpful.
Excellent services, in process of arranging another.
Having used Leedsmoneyman in the past it was natural to hire Leedsmoneyman to do my remortgage as the current deal was expiring. Leedsmoneyman searched for the best deals relevant for me. Very happy with the communication and help to get this done...
Great service. Found a very competitive mortgage and the service provided was very professional and informative.
I would recommend Leedsmoneyman to anyone looking to purchase a home. From the moment I made the initial call Dale put me completely at ease . Our mortgage advisor was Dinah. Cannot speak highly enough of Dinah . She was knowledgeable and...
From my initial enquiry, through to receiving the mortgage offer, Moneyman have been brilliant. At each stage, they made me feel very valued as a client and nothing was too much trouble. They found exactly the right product for me very quickly and...
Fantastic initial phone call with Dale, who was incredibly helpful, professional & friendly.
Great experience, my main contact point was Charlie and he has been fantastic taking the time to explain everything and making sure our application was successful. Highly recommended!
Excellent service, friendly and professional. Listened to my needs and acted on them, providing sound advice and support throughout the purchase of my new property. Can’t thank them enough and would recommend Leedsmoneyman to anyone looking...