There are several reasons for buying commercial premises - you may be starting a business, buying a new venture or perhaps your existing business may need bigger premises to cope with expansion.

If you decide to buy premises you will probably need to take out a commercial mortgage typically with a term of 15 years or more. You should be aware that your commercial property is at risk if payments are not made on time.

Most Banks, Building Societies and specialist firms offer commercial mortgages, but you will have to satisfy the lenders specific lending criteria. Some lenders will accept applications where there is an adverse credit history, but most require a positive personnel credit rating and clear evidence that your business is credit worthy. Specialist firms tend to offer a more flexible approach to lending and will allow self certification of applications – Mortgage Solutions can advise on the most appropriate commercial mortgage for your business.

The terms of a commercial mortgage will depend largely on the type of business you are running and the type of premises or land you want to buy. Some lenders impose restrictions on the use of the commercial premises and certain business concerns.

Lenders may want to see business plans or long term financial projections to assure themselves that the business has and will continue to have the ability to service the loan. Our business partners can assist you with the preparation of business plans to support application – please contact us for details.

The overall cost for comparison is 6.8% APR

This is intended as a guide only - other criteria may apply, and we can advise on any special terms and conditions which your selected lender may wish to impose at the time of application.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.