For many business persons interested in a UK commercial mortgage, navigating the seemingly endless maze of financial jargon, lender agreements, and rate changes can quickly become a burdensome proposition. However, in order to ensure that they get the best possible commercial mortgage rates and terms that they qualify for, they have to be prepared. Because of this, most savvy business persons in the UK turn to a commercial mortgage specialist. A commercial mortgage specialist can also be called a “broker” and many work independently or specialize in matching borrowers with a cache of lenders that they work with regularly.
A UK commercial mortgage specialist can save enough money and time with their expert guidance to pay for their services several times over. The commercial mortgage specialist will be able to guide you in decisions such as mortgage repayment methods, which rate type to choose, and even how to budget for mortgage-related expenses.
Other decisions that the borrower will have to make of which they would benefit from the advice of a UK commercial mortgage specialist include the option of taking out either an interest-only or a repayment mortgage. A repayment commercial mortgage is more or less a standard mortgage loan repayment plan that stipulates the borrower will repay both the interest and the principle of the loan over a preset amount of time in payment form. However, an interest-only mortgage stipulates that the borrower will pay the lender only the interest on the mortgage over a pre-set amount of payments. After the interest on the mortgage is paid, the borrower then repays the principle of the mortgage to the lender in a lump sum. To qualify for an interest-only UK commercial mortgage, the borrower must prove to the lender beforehand that they will be able to repay the lump sum principle under a variety of circumstances. A UK commercial mortgage specialist can guide the borrower in preparing the borrower’s paperwork for this as well.
The amount of legal and financial documentation that is involved in completing a UK commercial mortgage loan can be staggering and confusing. Bringing on the professional services of a UK commercial mortgage specialist or broker can save the borrower an unprecedented amount of time, money, and possibly frustration. To make sure that you are working with a commercial mortgage broker that is best suited for your commercial mortgage needs, interview several reputable specialists and check their references thoroughly.
UK commercial mortgage lenders will want to be sure that you can afford to repay the money and that the property is worth at least the amount borrowed, lenders will typically look into the credit of the business and managing directors.
The UK commercial mortgage lender will require you to give certain details about your business financials such as accounts, profit and loss forecast, business bank statements, etc. A deposit of between 20 - 30 percent is usually required. If you have no accounts a self certification UK commercial mortgages are available.
UKCommercialMortgage.com will use a commercial mortgage broker will help you to find the best UK commercial mortgages available to fit your requirements and will save you time and money.