Business Mortgage Recommendations

[DEFCON1]

Hi,
Wanting to purchase a business premises.
Looking for recommendations of mortgage brokers, or a good place to start please.

 

[Strontium Dog]

Give us a bit more to go on. Do you have trading accounts for your business? One year, two years, etc? Do you have a deposit - 25 - 30%? If your accounts show sufficient profit to cover the mortgage then one of the high street banks will probably look at. Other than that it will be one of the more niche (and more expensive) lenders.

 

[simon field]

@tony84

 

[DEFCON1]

Give us a bit more to go on. Do you have trading accounts for your business? One year, two years, etc? Do you have a deposit - 25 - 30%? If your accounts show sufficient profit to cover the mortgage then one of the high street banks will probably look at. Other than that it will be one of the more niche (and more expensive) lenders.

Yes, 4 years+ solid accounts.
20 - 40% Deposit fine.
Property value: £250k


Is it best to go with high street bank, or are there better rates available?
Would ideally like 15 - 20 year, with some sort of early repayment option, but not sure if that’s the norm.

 

[tony84]

Commercial mortgages are not really my thing.
@Gordon - Commercial Finance is probably better placed to help.

 

[Strontium Dog]

TBH assuming you bank with one of the main high street lenders I would probably start there. If you fit their criteria you will probably get the best rates. I would only look at tier 2 lenders if you don't meet the criteria, as the rates will be higher.

 

[nelioneil]

TBH assuming you bank with one of the main high street lenders I would probably start there. If you fit their criteria you will probably get the best rates. I would only look at tier 2 lenders if you don't meet the criteria, as the rates will be higher.

What on earth is a tier 2 lender?

 

[Mark T Jones]

Always worth a chat with your bank - don't hold your breath for a response though.

Then talk to a broker who specialises in commercial mortgages (if possible for your specific field) - don't be drawn in by shabby 'we do everything' brokers, who will just bang it around the market.

as mentioned above, start with talking to @Gordon - Commercial Finance

 

[DEFCON1]

Thanks.
Contacted Santander this morning & it appears they have suspended direct lending due to huge uptake of BBL's.
Tried 2 other High Street Banks have had a similar response.
Can anyone recommend any Brokers please?

 

[MikeHunter]

Hi,
Wanting to purchase a business premises.
Looking for recommendations of mortgage brokers, or a good place to start please.

When we bought our premises we went to our own bank. They knew our business, and understood our ability to pay the loan in a way another lender wouldn't. Found them very good. That was Nat Wset. I know other people have mixed experiences, but they were great with us. Got the right product, and rates were competitive.