Commercial Mortgages in Manchester

We provide advice for Commercial Mortgages in Manchester and we offer free initial advice consultations.

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Commercial Mortgages In Manchester

A commercial mortgage is a loan secured on a commercial property. For example, an office building, shopping center, industrial warehouse, or apartment complex. 

At Simple Fast Mortgage, we help businesses in Manchester find the right commercial mortgages. For their commercial premises, or to enhance their buy to let portfolio. 

Manchester was recently crowned the Best UK City for Business. An ever increasing talent pool and investment in technology make Manchester an ideal location for business prosperity.

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What Types Of Commercial Mortgages in Manchester Are There?

There are two categories of commercial mortgages. Owner-occupier mortgages and commercial investment mortgages.

Owner-occupier mortgages are for property which will be used for trading premises for your business.

Commercial investment mortgages are used for properties you are planning on letting out.

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What Are The Criteria And Application Process?

In order to obtain a commercial mortgage, you will need to pass your chosen lender’s eligibility checks. Consequently, lender’s will require the following information:

  • Two to three full years’ audited or certified accounts plus current management figures (if produced)
  • Asset and liabilities statement
  • General income, credit and assets
  • Your businesses’ projected income to determine if you afford the loan

When it comes to applying you will need to fill out an asset and liability form. You will also need to complete the application for the commercial mortgage. A commercial mortgage broker can help with this. Next, the property will be valued and the legal paperwork completed. Following this you will receive a mortgage offer.

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Is A Commercial Mortgage Right For Me?

It can be hard to decide upon a mortgage type that suits you. However, if you have a commercial tenant, you won’t be able to get a non-commercial mortgage. It is important to understand all of your mortgage options to ensure you are making the right choice.

You can apply for commercial mortgages in Manchester with bad credit. However, lenders are likely to ask you to pay a higher interest rate as you will be considered a higher risk.

Commercial mortgages are a type of secured loan where the property is used as collateral by the lender. As such, if you do not keep up with monthly repayments on your mortgage your property may be repossessed. Sometimes a personal guarantee or debenture is required. This could mean you are personally liable for the commercial mortgage.

The deposit for this type of mortgage will be more than a residential mortgage. Therefore delve into your finances and make sure you can afford it. If you haven’t been in business too long, lenders may view you as higher risk.

In conclusion it is hard to say whether a commercial mortgage is the right route for you as every situation is different. Contact Us if you want to discuss your circumstances. There are new lenders and specialist lenders appearing on the market all of the time. Therefore, it is important to seek expert advice from a qualified Mortgage Broker before making a decision.  

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How Do Commercial Mortgages In Manchester Differ From Residential Mortgages?

Commercial mortgages in Manchester are assessed differently to residential mortgages. Commercial mortgage affordability is primarily assessed on the performance of the business, rather than the income and outgoings of an individual person. 

As such, deposits are typically larger for commercial mortgages. A deposit of 20% – 40% is a more common requirement than the 10% – 20% often needed for a residential mortgage. 

Also commercial mortgages are not typically regulated by the Financial Conduct Authority (FCA). which is in place to protect consumers from poor practice. 

The mortgage may be regulated by the FCA if the property is semi-commercial. A semi-commercial property will include residential dwelling as well as trading premises. For instance, a flat above a shop.

Are Commercial Mortgages In Manchester Interest Only?

Commercial mortgages can be either capital & interest or interest only. Capital & interest mortgages are where the loan and interest are repaid during the mortgage term. Interest only mortgages have the interest paid off on a monthly basis. At the end of the loan term the capital amount remains.

Many commercial mortgages are taken on an interest only basis. This may offer a number of benefits. Contact Us to discuss your options.  

What Is A Mortgage Broker And How Can They Help?

commercial mortgage broker is a professional with expert knowledge of the commercial mortgage products that are available. They understand your business and use their expertise to find the right commercial mortgage deal for you. There are a lot of different commercial mortgage lenders out there and the application process can be complex.

Commercial mortgages are typically not ‘off the shelf’ mortgage products. Therefore, you need to prepare all of your accounts and documentation ready to present to a lender. To obtain the best deal your business should be presented in the most favorable light. This is why seeking the help of a Mortgage Broker is advisable.

Mortgage Brokers will handle the paperwork and all of the searching for you. For example, they will examine your finances and find the right interest rates and mortgage repayments to fit your needs.

In summary, commercial mortgages can be complex and complicated. However specialist mortgage brokers can make the whole process a lot simpler and faster. A small amount of expert help can go a long way. When it comes to your money and business it is important to know you are getting the best deal. Contact Us to find out more


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