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What Are Semi Commercial Mortgages and Are They Right For You?

Have you always fancied being able to live and work from the same property? Perhaps using part of your home as a guesthouse or providing bed and breakfast? Maybe you would like to open a shop or tearooms, operate a kennel or cattery business or have a business office attached to your home? If you require finance to make this happen, then looking at semi commercial mortgages may supply the solution.

Semi commercial mortgages provide long-term finance for properties that have a mixed use, both as a domestic home and for business purposes. Most lenders require a deposit of at least 20%. However, there are some lenders who will grant 85% LTV (Loan to Value - that is the amount of money offered compared to the value of the property/land it is secured against). Finding these suppliers and ensuring that you obtain the best deal for your circumstances, could prove quite a headache. One possible solution to this dilemma is to use a commercial mortgage broker. They usually have access to most of the market place and normally have the knowledge to locate the correct deal easily for you.

Semi commercial mortgages can be used for the purchase of either a property or land. In addition, used as a re-mortgage facility to perhaps facilitate refurbishment or improvements. Both existing and start-up businesses could be offered this type of loan, although the lender will usually require proof that the borrower can cover the repayments. The income to cover these repayments could come from a variety of sources as long as it proves that the loan is affordable. Therefore, it could be considered prudent to assess accurately your finances and to understand the financial options available.

If you have a poor credit history or are self-employed and have no proof of income, or are unable to provide a set of trading accounts, semi commercial mortgages could be available on self-certified bases. Having limited or no relevant experience in the business field you wish to pursue may be seen as an obstacle. However, if you do as much research as possible, carefully deciphering how the regulations governing the type of business venture that you wish to undertake might affect your financial options. Word your application and business plan in a language easily understood by lenders, you could more likely be successful when seeking semi commercial mortgages.

Commercial mortgage brokers invariably have the skill to construct a deal that is tailored to your needs. Having access to a range of loan providers within the market place could yield a better choice of arrangements, achieving the best terms and interest rates possible. They could appraise its contents, ensuring the absence of any clause that could cause inconvenience. For example, you may wish to have a fixed interest rate for a set period and an option to re-finance after that term expires. In which case, making certain that there will be no contractual tie-ins or redemption penalties could be essential. This is something a broker could negotiate for you and make the whole process of attaining semi commercial mortgages, trouble free.

Sean Horton is a Director of Best Commercial Finance, a whole of market mortgage broker and IFA specialising in mortgage advice and the associated areas of income protection, mortgage protection, mortgage life cover and semi commercial mortgages .

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