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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST A PROPERTY. THE PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Find commercial mortgages in Northern Ireland – compare mortgage rates from specialist lenders
Before you purchase a new commercial property it would be a good idea to compare NI commercial mortgages from a range of different lenders, because commercial mortgage rates can vary quite a bit from one lender to the next.
Lenders also have their own specific lending criteria, which means some might be more willing to approve your mortgage application than others.
In addition, Loan-to-Value (LTV) ratios can vary from one commercial mortgage specialist to the next, so if you’re looking for a higher LTV it pays to shop around and compare mortgage products.
OK, but what’s the maximum LTV on a commercial mortgage NI lenders will offer?
While it does vary from one mortgage company to the next, in most cases the maximum LTV ratio you’re likely to be able to find for a commercial mortgage will be 75%, which means you will usually need at least a 25% deposit for your commercial property purchase.
Some lenders may cap their LTVs at 60% or even 50% though, so it does pay to compare commercial mortgages from a range of different providers.
Do NI commercial mortgages have higher interest rates than residential mortgages?
Yes, in most cases the interest rate you will be offered on a commercial mortgage will be a little higher than the rate you might expert on a residential mortgage, because commercial mortgages are a little more risky for the lender than an owner-occupier loan would be.