WHAT IS A COMMERCIAL MORTGAGE?
A commercial mortgage is long term finance secured by a first legal charge over commercial or business property. Typically this can include a wide variety of property including:
retail units
industrial units, factories, offices, warehouses, lock-up and workshop units
hotels, guesthouses, public houses, bars, restaurants
farms, equestrian centres, riding schools
WHAT IS A SEMI-COMMERCIAL MORTGAGE?
A semi-commercial mortgage is again long term finance secured by a first legal charge over property that has a mix of business and residential use. Typically this will include properties such as:
retail units with living accommodation above
bed & breakfast
catteries and kennels located within the grounds of a house
Your property may be repossessed if you do not keep up repayments on your mortgage.
For residential and buy to let mortgages we charge a fee of £595 in addition to commission which may be paid by the lender. Alternatively we can work on a pure fee basis of 1% of the loan amount for our services and we will refund to you any commission we receive from the lender, subject to a minimum fee of £1500. For example, if your mortgage were for £100,000 the fee would be £1500 and you would receive back any commission we receive from the lender which is usually in the region of 0.35%. This fee is payable on in 2 stages: £95 on application for your mortgage with the balance payable on completion. For commercial mortgages we usually charge a fee of 1% of the loan amount subject to the complexity of the proposition and the loan amount.
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©2005 Debbie J Boyes - Professional Mortgage
Advisors 2005©
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