What Properties Are Classed As Semi-Commercial?
The banner of ‘semi-commercial’ covers a wide range of properties. Any property that comprises of both a commercial element and living accommodation will be classed as semi-commercial.
Living In The Residential Portion Of The Property
If you’re planning on living in a portion of a semi-commercial property and either working from, or letting the commercial element, most lenders will treat your application as FCA regulated. Although this will reduce the number of lenders who would be willing to accept the application, however it is still acceptable to some.
Specialist advice is crucial and we are highly experienced in this situation.
How Much Can I Borrow?
We offer semi-commercial mortgages from £25,000 with no maximum loan amount. Regardless of the size of your application, we can usually help.
Lenders will usually allow you to borrow up to 75% LTV when buying or remortgaging a mixed-use property. Of course, as with other types of mortgage, the maximum loan may also be restricted by the lender’s affordability calculations.
Semi-Commercial Mortgage Costs
Semi-commercial mortgage rates start from as low as 2.75% per annum. The interest rate charged will vary depending on the quality of the application, the size of the loan and the LTV. Larger loans will usually receive lower rates than smaller ones, for similar quality applications.
In addition to the interest, lenders will charge an arrangement fee, which is usually between 0.75 – 2% of the loan amount.
Semi-commercial mortgages can usually be completed in around 6 – 12 weeks from the initial application. Of course, the timescales for each application can vary.
By ensuring you provide all the required information upfront, and any additional information as it is requested, you can cut down your application to the lower end of this scale.
Get Started Today
We offer you two ways to get started with your application right now.
- Compare semi-commercial mortgage rates online and apply online instantly. We will run through your application to ensure it will meet the lender’s criteria and has the best chance of success and then submit the application for you.
- Contact us to talk to an adviser and they will be able to run through your application in detail, and offer you written terms in under two hours. From there, they will work with you until you’re 100% satisfied with the terms offered.