With over 50 years’ experience in the mortgage industry, Commercial Mortgages For Everyone specialises in all types of commercial and business mortgages for limited companies. We offer a wide range of mortgages including buy to let, bridging and development finance. With our highly skilled and qualified team, you know you will be in safe hands. Our office is based in Cambridge but serve the United Kingdom, so just give us a call today and see how we can help!
For those of you who remember the Non-Status Mortgage Era you must be over the age of 55+ now. As you know those mortgages did not require proof of income and you could still have some adverse credit. Since those happy days all Mortgages now require proof of income and are very strict on adverse credit. Also, if you are at a pension age then most lenders will say you are too old! That reply would make you very angry as you yourself feel as young and ambitious as anyone younger out there. The Lifetime mortgage is especially meant for anyone ages 55 or over and are property owners. Interest rate can vary from 3.5% upwards per annum.
You do not have to prove your income. Most adverse credit is accepted. Interest only payments allowed. Rolled up interest is allowed. Capital and interest payments allowed. You can choose to pay or not pay the mortgage payments each month when it suits your circumstances.
Early repayment of the loan allowed subject to a 5% penalty in the first 5 years and 3% for the next 5 years and none thereafter. The early repayment penalties are very similar to the old non status mortgages, which may vary with some lenders.
If you wish to receive advice on Lifetime mortgages, then one of our broker partners who are FCA regulated for the Lifetime Mortgages will be happy to discuss this with you.
Buy To Lets & Portfolios
This is an area of key lender competition and there are multiple schemes available. As a general guide residential buy to lets go to 75% LTV (more with additional security) and you can choose from a plethora of fixed and variable rates, with terms from 3 to 30 years, interest only, capital repayment or part capital-repayment. Interest rate can vary from 4% upwards per annum.
Lenders normally look to the rental generated from the property to cover the mortgage payments and this will normally determine how much you can borrow. Some lenders will allow you to borrow up to age 80 years. HMOs are a particular speciality of one of our lenders.
Conversions & Refurbishments
If refurbishment is required then 75% of the purchase price is available with one of our specialist lenders and after the works have completed, this lender will release back to you, the capital spent on the refurbishment, up to a maximum of 75% of the after works value. This frees up your capital again so you can further invest in the market.
This is an increasingly vibrant market and also covers buildings currently being used as offices or other being converted in to flats or other residential buildings. Interest rate can vary from 4% upwards per annum.
We have a whole range of lenders, active in this sector of the market. 100% finance is sometimes available, dependent on the deal and the experience of the developer. Interest rates can vary between 0.6% per month or above.
We understand what developers are looking for and we provide the speed, the flexibility and the personal service. Funds are normally advanced in stage payments as the build progresses. We know that every development is unique and requires a tailor-made financial solution.
Trading Businesses or as an investment, where you place a tenant in the premises on a commercial lease: look to a maximum of 75% LTV but again plenty of lender offerings and the High Street Banks are increasingly lending in this sector : fixed & variable rates. Interest rate can vary from 4% upwards per annum.
Bridging & Short Term Finance
Again, a vibrant market with a lot of options from which to choose, including interest roll-up. Obviously bridging is a short-term solution and not suitable for long term financing but used wisely, it can make the vital difference to that all-important property acquisition. Interest rates can vary from 4.8% upwards per annum.
Speed is of the essence here and we work with lenders who are geared up to deliver the necessary finance quickly. There are even lenders who will look to lend on the open market value – rather than the price paid at Auction. Interest rate can vary from 4.8% upwards per annum. Please note, when you are purchasing at an auction, the auctioneer may require a 10% deposit.
Pubs & All Types of Commercial Buildings
Hotels, Restaurants, Offices, Industrial Units, Offices, Farms and many more. Interest rate can vary from 4% upwards per annum.
Are lenders chasing you to repossess your property?
Dealing with solicitors and court hearings are very expensive.
We have helped many clients in stopping lenders repossessing their properties.
Please call us to discuss your situation as there maybe a way to save your property without using the high costs of solicitors representing you for the court hearings.