In some cases it’s not possible or preferred to remortgage your existing commercial mortgage. In those circumstances, we can help you access a second charge loan on your commercial property, a service which can be arranged on a long term basis e.g. 25 years or on a short term ‘bridge’ basis of say up to 12 months.
A second charge commercial mortgage is essentially the next best option to take when the most common route of remortgaging an existing commercial property is not the most favourable course of action to take.
This could be because doing so could see you forgo favourable interest rates or cause you to be exposed to some form of expensive early redemption charge. Lending criteria could also play a part in the decision to go with a second charge mortgage. Whatever the reason, at Mortgaze we’re specialists in securing second charge commercial mortgages.
As second charge mortgages are a secured loan taken against existing equity in a property, this service is only available to existing property owners.
One of the main benefits of this type of loan is that they incur no upfront costs. Another potential benefit is that they are also easier to obtain if you are currently suffering from a poor credit rating.
The Mortgaze team have a wealth of experience in securing many of our clients with second charge commercial mortgages.
As with all of our services, we will walk you through the application process step by step before submission in order to make sure that your application has the best chance of being approved by the lender.
We are best positioned to offer you the second charge commercial mortgage that most closely matches up with your specific needs
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You can leave us your contact details via our enquiry form, or you can call us during business hours and we will return your call at your nearest possible convenience in order to discuss in more detail the buy-to-let mortgage product that Mortgaze may be able to secure for you.
We are happy to answer your queries on the phone or in person but here are answers to some of the most frequently asked questions we receive regarding buy to let mortgages for limited companies.
Commercial Mortgage loans starts from £20,000 with no maximum limit.
Majority of the lenders are comfortable in lending up to 70% – 80% but up to 100% can be obtained with additional security.
Unlike most buy-to-let mortgages where you receive a standard mortgage rate, rates for commercial mortgages are individually priced to match the strength of the proposal. There are various factors which lenders keep into account while calculating the interest rate. Not limited to but generally these will include:
With this in mind, the Mortgaze team will also ensure that your proposal is well presented to lenders highlighting all the strengths and secure best possible terms for your commercial mortgage.
Lender arrangement fee: Payable to the commercial mortgage lender for arranging the finance.
Valuation fee: The valuation is done a surveyor who is on the panel of the bank. The fee is usually paid on submission of the application or once the facility has been agreed in principle. Valuations on commercial properties are usually more expensive than valuations for residential properties.
Legal fees: This fee is paid to a solicitor for doing the legal work for yourself and possibly your lender. Fees are usually higher than those for a residential property because of the nature and complexity of titles and covenants.
At the outset, we will only collect basic information to understand your mortgage requirement. The information we take at the stage will circle around details of the proposed security (property), your loan requirements and income form the property to calculate serviceability of the loan. This will help us ascertain whether we can help you with your borrowing requirements or not. Once we have established that, we will ask you to complete a commercial mortgage application and give you list of documents required specific to your case. Normally, we expect applicants to provide the following documents:
Contact us here or by phone to find out more about Commercial Mortgages. We will be happy to arrange a free consultation with you so that we can start working towards achieving the best possible mortgage solution for you today.
Commercial property is, generally speaking, property used for the sole purpose of carrying out or performing business activity. This would exclude residential property and/or primary industries such as mining and agriculture. The three main types of commercial property are retail (including supermarkets, shopping centres and retail warehouses); offices (including business parks); and industrial property (including factories and warehouses). Also included to a lesser degree is leisure property (including hotels, bars and restaurants) and health care property (including hospitals, doctors surgeries and care homes)
We work with some of the best and most experienced lenders to bring high quality mortgage solutions..
Please note that this calculator is only for illustrative purposes only and is not a mortgage offer. This is a guide to how much you'd pay each month. The exact amount will depend on the type of mortgage and the lender.
We work with some of the best & most experienced lenders to bring high quality mortgage solutions..