Commercial mortgages are mortgage loans taken out against buildings that you don’t use for residential purposes. Buildings that may need commercial mortgages can include warehouses, office buildings, shops or any building, room or space you invest in for your business.
The length of your mortgage will depend on what you have agreed with your mortgage provider, as there are several types of commercial mortgages. For example, a Repayment mortgage is based upon an agreement that you pay off some capital and some interest each month – how long the term lasts for will therefore depend on how much you have agreed (and, more importantly, can afford) to pay off each month.
Unlike personal loans, commercial mortgage rates can vary widely depending on a number of factors. These factors include the type of property you need a mortgage for and the risks involved for the mortgage lender, as well as your credit history and your own personal circumstances. If you need commercial mortgage advice then contact a member of our friendly team today to discuss your requirements and they’d be happy to help.
Once you’ve found the right mortgage for your commercial building, protect it with commercial mortgage insurance. After all, you wouldn’t live in a house without home insurance, so you shouldn’t work in a building with no commercial mortgage insurance! Talk to us today about the protection we can offer for your commercial mortgage investment. We will advise you on the insurance policies we broker but please note that the Financial Conduct Authority does not regulate some aspects of commercial mortgages.
Mortgage Risk Warnings