UK Commercial Mortgage Broker – Helping You with Credit Problems
If your credit situation leaves something to be desired, you may wonder whether
you will be able to find a
commercial mortgage.
In fact, if your credit isn’t good, you may indeed find it difficult to get a
commercial mortgage from a bank. However, you will stand a much better chance by
going to a UK commercial mortgage broker.
- The bank will just use its normal criteria for assessing you for a loan. This
means you would probably be automatically excluded if problems show up on your
credit check. A UK commercial mortgage broker knows about the whole range of
lenders on the market and knows which ones specialise in lending to borrowers
with poor credit. The broker can assess your specific situation, the reasons for
your credit problems and your current finances, and can put you in touch with a
lender who is exactly appropriate for your needs.
- A UK commercial mortgage broker works with you on a personal, individual basis
and will sit down and talk with you about your credit history. This avoids the
“automated” type of credit checking which will automatically exclude you if
certain items such as CCJs appear on your credit check, regardless of what the
reasons might be.
- There might be all sorts of reasons why you might fail to qualify for a
standard commercial mortgage, even if you aren’t in debt – for instance, if your
revenue is unpredictable or the flow of your income is not steady. There is a
type of UK commercial mortgage broker who will arrange self-certified commercial
mortgages – sometimes referred to as “non-standard commercial mortgages”. With
these a loan of 75% - sometimes even up to 85% or even 95% - secured on your
property can be arranged without the usual requirement of three years’ accounts
or an accountant’s letter.
It’s important to bear in mind that how easily you can obtain a commercial
mortgage with poor credit is no guide to how advisable it is. Remember that,
because the lender is taking a higher risk, you will have to pay higher interest
rates and also higher arrangement fees and early repayment charges. So take
careful advice before committing yourself. However, if you decide to go ahead,
the UK commercial mortgage broker has access to a range of providers and should
be able to negotiate the best possible terms for you.
Please note that the FSA do not regulate commercial loans or commercial mortgages
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