Buy to Let Mortgage for Flats Above Commercial Premises
HMO Mortgages Suitable for Flats Above Commercial Premises
Are you looking for a mortgage on a Buy-to-Let flat above a commercial property, then we have the answer for you.
These flats need to be leasehold in England and Wales. For Scotland the tenure is different.
The flats generally tend to be above retail shops or offices, but not always. Lenders will want to know what trade is being carried out in the shop below.
Lenders generally do not accept flats above fast-food outlets, restaurants, licensed premises. Shops with associated smells/chemicals/in flammables etc., are also not acceptable by most lenders. However, we have a selection of lenders who can consider these types of properties. We will also need to know what type of property is adjacent on both sides of the property and what trades are being carried out in each case.
The flat must be self-contained and have its own front entrance (ie not through the shop). Mortgages are available up to 85% of property purchase price (or property value for remortgages). Interest only is readily available and applicants do not need letting experience with some of these lenders.
Homeowner or owned a BTL property for 12 months
UK passport or UK driving licence as ID
Evidence of deposit funds and refurbishment costs
Applicants can be Employed, Self Employed
Previous experience of similar developments
Types of Property
Self Contained Flats
Must be leasehold title
Flat must have its own entrance
Property located in England Wales and Scotland
General Lending Criteria: Flats Above Commercial Property
Purchases or Remortgage
Interest only or capital + interest repayment
Mortgages up to 85% Loan to Value
Lending to Limited companies considered
Summary of Details Required
Summary of the Application Process
Fill out our enquiry form online or call us on 0117 2232050
Receive quotes from lenders
Complete a mortgage application
Provide supporting documentation ( Business Plan, CV)
Supply ID and Proof of Address for each applicant
We liaise with the lender on any follow up documentation
Offer of Mortgage Received