Compare commercial mortgages
Should you be looking to buy a pub, a shop, or taking to life on a farm, a commercial mortgage could help facilitate it. A commercial mortgage covers the business premises, not the business itself, despite how they sound, commercial mortgages are not just for buying factories or warehouses! If you need a mortgage to buy a restaurant, a mortgage to buy a hotel, or a mortgage to buy a care home, compare mortgages now and find the best commercial mortgage for you.
Are commercial mortgages different than normal mortgages?
Commercial mortgages are for business premises. Sometimes a business premises is residential of course, you can fund some residential business premises with a commercial mortgage. Commercial mortgages generally require a larger deposit than normal mortgages, in the region of 20%. However, commercial mortgages are often available for greater amounts, well into the millions.
Do I need a good credit score to get the best commercial mortgages?
If you have a credit score that’s not as strong as it could be, you should find that it’s still possible to move forward with a commercial mortgage. However, if you want access to the best commercial mortgages, you should check that there’s no out of date or inaccurate information on your credit report. You can check your credit score online now, using a service such as Experian’s CreditExpert.
Bills that remain unpaid can result in default notices that appear on your credit report. Lenders want to ensure the products that have the best interest rates, such as the best commercial mortgages, are made available only to creditworthy customers. If you use LowerMyBills to help you find a commercial mortgage now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
Do I need a business plan or accounts to apply for a commercial mortgage?
For many commercial mortgage applications you won’t need accounts or a detailed business plan. When you compare commercial mortgages, if you apply to a bank, you might find a business plan is required. A business plan is a good idea and can, when combined with a forecast, help you work out how much room there is to cope with any cash flow issues that new business can experience and help ensure you apply for the best commercial mortgage for you.
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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