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Commercial Mortgage Rates Differ Based On Individual Circumstances

Feb 4, 2008
The amount of interest that you can expect to pay when taking out a mortgage can vary considerably. In order to get the cheapest commercial mortgage rates to compare then consider going to a specialist website. A specialist will be able to search the whole of the market place for the best rates and deal based on your particular circumstances and their experience with lenders. They will also offer all the help and advice needed to make sure the individual knows what they are taking on and how to get off to the best start possible.

A specialist can get the cheapest rates because they will work with you from the beginning and help you out by putting together your package before presenting it to the lender. After looking at the scheme you are proposing and helping when it comes to getting the initial appraisal for the property and making adjustments if necessary you will get off to the smoothest start possible.

Commercial mortgage rates are tailored to the individual so unlike a residential mortgage which you could be familiar with, the rates are not set. However they will usually come somewhere between 1.5% and 2.5% above the base rate, factors such as the type of your business and the assessment of the property you are buying will all affect this.

Individuals can also benefit from the help a specialist provider gives when it comes to working out loan to project costs. The main factor taken into account when deciding the rate are the perceived gross total development values and again this will depend chiefly on the individual. However, typically finance will be based on between 70% to 75% of the costs for building and the cost of purchase.

The term of the loan will also reflect on the amount you pay. Typically a loan can be taken out from a period of one year to several years. This will be determined in part by the size of the project you are undertaking and the nature of what you intend to do. You should also be aware that the majority of commercial mortgages are based on interest only repayments. A broker will be able to give you valuable information regarding variable and fixed rates of interest, partial repayments and taking out a mortgage for a period of up to 30 years.

A specialist will have worked with lenders on a regular basis who specialise in offering the cheapest commercial mortgage rates and best deals. As such they will know where to look on your behalf when it comes to securing the best deal based on your particular circumstances. As brokers and lenders form a working partnership they are able to work together much quicker when it comes to negotiating the cheapest rates of interest. However if needed a broker will search the whole of the UK market place for your loan if this is the way to get the best deal for you. While a specialist will do all they can when it comes to finding you the cheapest mortgage, it is down to the individual to make sure they read the full terms and conditions before actually signing on the bottom line.
About the Author
Sean Horton is a Director of Enhanced Wealth, a commercial mortgage broker and IFA specialising in mortgage advice and the associated areas of income protection, mortgage protection, and mortgage life cover.
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