When it comes to a Residential & Commercial Mortgages, the choice is huge, not just in terms of the lender but also the type of mortgage, interest rate, term and fees charged to mention but a few things to consider. Each lender will have their own criteria, some will lend via the government 'help to buy' scheme whilst that is available for residential property, some will lend for particular purposes, i.e self build or buy to let, or type of property, i.e. barn conversion, whilst others will lend specifically to contractors, i.e. IT Consultants. The choice is wide a varied.
Commercial borrowing is an altogether different animal, and the available lenders, whilst much larger than many would believe, is naturally not so large in number. The requirement for information from the lenders is much greater and the underwriting process is more involved and as a consequence more time consuming. Fees are generally larger than for residential borrowing, from the arrangement fee through to the valuation.
Residential & Commercial Mortgages now have one major thing in common......... a requirement on the lender to ensure that affordability is evident, but for different reasons. Residential lending took on a different perspective in April 2014, when the Mortgage Market Review came into effect, placing the onus of responsibility onto the lender when assessing affordability. Commercial Lenders have taken a different view since the banking crisis in 2008, with the ability to service a debt and the quality and experience of the management of the business prime considerations.
As a business, we have always adopted the philosophy that we have a responsibility to our clients, to try and make sure that they are not entering into a commitment that could prove to be a problem if rates increase.
Through years of experience, we have developed a good understanding of what a lender would typically want to see from either point of view, and are more than happy to act for the client, pulling together all of the information and presenting it to the potential lender. We can negotiate the fees and rates, arrange meetings and attend with and on the clients behalf and deal with the paperwork as appropriate.
Let us help you achieve the right deal for your circumstances and enable you to purchase the property that you want.
'Your home may be repossessed if you do not keep up repayments on your mortgage'