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A commercial mortgage is typically used in order to buy a business or its associated premises. An initial down payment of 25% to 40% is usually required and the terms can last between 12 months and 40 years.
Obtaining a commercial mortgage is dependent on the company’s ability to meet the repayments. When you apply for this type of finance, the performance of your business will be taken into account and underwriters will base the interest rate and charges in accordance with this. A professional valuation of your company’s finances will also be required.
Before applying for a mortgage, you can use an online mortgage calculator to gain a good insight as to how much you can borrow and what your repayments will be. This applies to all mortgage types, such as landlord mortgages.
Help to buy is a scheme backed by the government that can help a first time buyer purchase a property with a 5% down payment.
How Help to Buy Actually Works
There are a couple of ways that the Help to Buy scheme can help you:
Free... No Obligation, No Preliminary Credit Checks